Culver Clocks, Inc. uses the LIFO method of valuing inventory. Over the past year, it purchased clocks as follows: January 1: 100 at $38.00; March 1: 250 at $36.00; July 1: 175 at $39.00; October 1: 400 at $38.50; December 1: 300 at $39.50. At year-end on December 31, Culver Clocks, Inc. had a year-end inventory of 300 clocks. Compute the December 31, inventory value.

LIFO Method

An inventory valuation method where the last items added to inventory are the first ones to be used or sold.

Inventory Value

The total cost or market value of all the goods and materials held by a company for the purpose of resale.

Year-End Inventory

The total value of a company's merchandise, goods, and materials on hand at the end of a fiscal year, used to calculate cost of goods sold and profitability.