The following units of an inventory item were available for sale during the year: The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
The value of ending inventory using LIFO is:
A) $1,250
B) $1,350
C) $1,375
D) $1,150

Question

The following units of an inventory item were available for sale during the year:  The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
The value of ending inventory using LIFO is:
A) $1,250 
B) $1,350 
C) $1,375 
D) $1,150

Quizplus · Accepted Answer

The Answer of The following units of an inventory item were available for sale during the year:  The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
The value of ending inventory using LIFO is:
A) $1,250 
B) $1,350 
C) $1,375 
D) $1,150

The Following Units of an Inventory Item Were Available for Sale