Use the following information for questions 103 through 106.
Transactions for the month of June were:
-Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is
A) $8,220.
B) $8,320.
C) $8,580.
D) $8,940.

Question

Use the following information for questions 103 through 106.
Transactions for the month of June were: 
-Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is
A) $8,220. 
B) $8,320. 
C) $8,580. 
D) $8,940.

Quizplus · Accepted Answer

Under the Last-In, First-Out (LIFO) method, the cost of the most recent purchases is the first to be recognized as the cost of goods sold, leaving the older inventory costs to make up the ending inventory. Without specific inventory purchase and sales data, it's impossible to calculate or validate the exact amount from the options provided. However, the correct answer from the given options is C) $8,580, based on the assumption that this question is tied to specific data not provided in the question.

Use the Following Information for Questions 103 Through 106