Inventory records for Dunbar Incorporated revealed the following:
Dunbar sold 700 units of inventory during the month.Ending inventory assuming LIFO would be:

Question

Quizplus · Accepted Answer

Under LIFO (Last-In, First-Out), the last units purchased are the first to be sold. Therefore, the ending inventory consists of the oldest units. If Dunbar sold 700 units, the ending inventory would be valued at the cost of the oldest units remaining.

Inventory Records for Dunbar Incorporated Revealed the Following