Community Builders is a local company that builds pine wood sheds to sell to homeowners. On February 15th, the company purchased $1,000 of pine wood ($1.25 per wood plank), and then the company purchased $850 more inventory when prices fell in April to $0.85 per wood plank. In the first 6 months of the current fiscal year, Community Builders sold 30 sheds (each shed uses 40 wood planks). What is the LIFO reserve for this inventory?

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Community Builders is a local company that builds pine wood sheds to sell to homeowners. On February 15th, the company purchased $1,000 of pine wood ($1.25 per wood plank), and then the company purchased $850 more inventory when prices fell in April to $0.85 per wood plank. In the first 6 months of the current fiscal year, Community Builders sold 30 sheds (each shed uses 40 wood planks). What is the LIFO reserve for this inventory?





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