Ending inventory assuming LIFO in a perpetual inventory system would be:
A)$4,960.
B)$5,060.
C)$5,080.
D)$5,140.

Question

Quizplus · Accepted Answer

Since LIFO assumes that the last units purchased are the first units sold, the ending inventory will consist of the oldest, or earliest, costs. Therefore, the units purchased on June 20 at $5.20 per unit, and the units purchased on June 25 at $5.10 per unit, will make up the ending inventory at a total cost of $5,060.

Ending Inventory Assuming LIFO in a Perpetual Inventory System Would