Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. $$\begin{array} { | l | l | l | }
\hline \text { June 1 } & \text { Beginging inventory } & 15 \text { units at \$20 each } \
\hline \text { June 15 } & \text { Sale of 6 units for \$50 each } & \
\hline \text { June 29 } & \text { Purchase } & \text { 8 units at \$25 each } \
\hline
\end{array}$$ The cost of the ending inventory is:
A) $220
B) $380
C) $275
D) $300
E) $200

Question

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. $$\begin{array} { | l | l | l | } 
\hline \text { June 1 } & \text { Beginging inventory } & 15 \text { units at \$20 each } \
\hline \text { June 15 } & \text { Sale of 6 units for \$50 each } & \
\hline \text { June 29 } & \text { Purchase } & \text { 8 units at \$25 each } \
\hline
\end{array}$$ The cost of the ending inventory is:
A) $220
B) $380
C) $275
D) $300
E) $200

Quizplus · Accepted Answer

The Answer of Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. $$\begin{array} { | l | l | l | } 
\hline \text { June 1 } & \text { Beginging inventory } & 15 \text { units at \$20 each } \
\hline \text { June 15 } & \text { Sale of 6 units for \$50 each } & \
\hline \text { June 29 } & \text { Purchase } & \text { 8 units at \$25 each } \
\hline
\end{array}$$ The cost of the ending inventory is:
A) $220
B) $380
C) $275
D) $300
E) $200

Given the Following Information, Determine the Cost of the Inventory