Beryl Co.uses a periodic inventory system and has the following information in regard to its inventory: There are 1,000 units in ending inventory.What is the amount of the ending inventory using the LIFO method?
A)$6,000
B)$14,400
C)$15,600
D)$17,800

Question

Beryl Co.uses a periodic inventory system and has the following information in regard to its inventory:  There are 1,000 units in ending inventory.What is the amount of the ending inventory using the LIFO method?
A)$6,000 
B)$14,400 
C)$15,600 
D)$17,800

Quizplus · Accepted Answer

When the LIFO method is used,the earliest costs are assigned to the ending inventory as follows: (400 units @ $15)+ (600 units @ $16)= $15,600

Beryl CoUses a Periodic Inventory System and Has the Following Information