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Given the Following Information, Determine the Cost of the Inventory

Question 93

Multiple Choice

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.  June 1  Beginning inventory 15 units at $20 ead  June 15  Sale of 6 units for $50 each  June 29 Purchase 8 units at $25 ead \begin{array} { | l | l | l | } \hline \text { June 1 } & \text { Beginning inventory } & \begin{array} { l } 15 \text { units at } \$ 20 \\\text { ead }\end{array} \\\hline \text { June 15 } & \begin{array} { l } \text { Sale of } 6 \text { units for } \$ 50 \\\text { each }\end{array} & \\\hline \begin{array} { l } \text { June } \\29\end{array} & \text { Purchase } & \begin{array} { l } 8 \text { units at } \$ 25 \\\text { ead }\end{array} \\\hline\end{array} The cost of the ending inventory is:


A) $200
B) $220
C) $380
D) $275
E) $300

Correct Answer:

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