Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows: An end of the month (1/31/14) inventory showed that 120 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
A) $520
B) $600
C) $656
D) $1,480

Question

Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows:  An end of the month (1/31/14) inventory showed that 120 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
A) $520 
B) $600 
C) $656 
D) $1,480

Quizplus · Accepted Answer

The Answer of Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows:  An end of the month (1/31/14) inventory showed that 120 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
A) $520 
B) $600 
C) $656 
D) $1,480

Graham Company Uses a Periodic Inventory System