On June 1, a firm purchased 40 units of materials at a unit price of $1.42. On June 15, the firm purchased 45 units with a unit price of $1.18. If the firm uses the LIFO method of inventory pricing, the total cost of 65 units issued on June 20 would be:

Question

Quizplus · Accepted Answer

The Answer of On June 1, a firm purchased 40 units of materials at a unit price of $1.42. On June 15, the firm purchased 45 units with a unit price of $1.18. If the firm uses the LIFO method of inventory pricing, the total cost of 65 units issued on June 20 would be:

On June 1, a Firm Purchased 40 Units of Materials