Answer:
$830,000
Explanation:
Ultra Co.'s inventory for January:
Date Number of units Unit balance Unit cost Total cost
January 1 20,000 20,000 $13 $260,000
January 20 30,000 50,000 $15 $710,000
January 23 40,000 90,000 $17 $1,390,000
<u>January 31 (50,000) ($16.60) ($830,000) </u>
Ending inventory 40,000 $560,000
Using the last-in, first-out (LIFO) method, the COGS = (40,000 units x $17 per unit) + (10,000 units x $15 per unit) = $680,000 + $150,000 = $830,000
