Use this information to answer the following question. $\begin{array}{rll}
\text { Jan. } & 1 & \text { Inventory } \
& 8 & \text { Purchase } \
&17 & \text { Purchase } \
&25 & \text { Purchase } \
&& \text { Total sales }
\end{array}
\begin{array}{l}
15 \text { units@\$4.00 } \
60 \text { units } @ \$ 4.40 \
30 \text { units } @ \$ 4.20 \
45 \text { units } @ \$ 4.80\
100 \text { units }
\end{array}$

A periodic inventory system is used.
Ending inventory under LIFO is

Question

Use this information to answer the following question. $\begin{array}{rll}
\text { Jan. } & 1 & \text { Inventory } \
& 8 & \text { Purchase } \
&17 & \text { Purchase } \
&25 & \text { Purchase } \
&& \text { Total sales }
\end{array}
\begin{array}{l}
15 \text { units@\$4.00 } \
60 \text { units } @ \$ 4.40 \
30 \text { units } @ \$ 4.20 \
45 \text { units } @ \$ 4.80\
100 \text { units }
\end{array}$

A periodic inventory system is used.
Ending inventory under LIFO is

Quizplus · Accepted Answer

Under LIFO, the last items purchased are the first to be sold. The ending inventory consists of the oldest costs. Here, the ending inventory is 50 units (150 units purchased - 100 units sold). The oldest costs are 15 units @ $4.00 and 35 units @ $4.40, totaling $214.

Use This Information to Answer the Following Question A Periodic Inventory System Is Used