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Given the Following Information, Use the LIFO Method to Calculate

Question 2

Multiple Choice

Given the following information, use the LIFO method to calculate the value of the inventory at the end of the month. Beginning Inventory40 cases @ $20/casePurchases20cases@$22/caseEnding Inventory 30 cases\begin{array} {ll}\text {Beginning Inventory} &\text {40 cases @ \$20/case}\\\text {Purchases}&20 cases@\text {\$22/case}\\\text {Ending Inventory }&\text {30 cases}\\\end{array}


A) $600
B) $620
C) $640
D) $660

Correct Answer:

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