Question

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 Beginning inventory 15 units at $20 each June 15 Sale of 6 units for $50 each June 29 Purchase 8 units at $25 each The cost of the ending inventory is:

$200

$220

$380

$275

$300

Answer 1

Answer:

The correct answer is C.

Explanation:

Giving the following information:

June 1: Beginning inventory 15 units at $20 each

June 15: Sale of 6 units for $50 each

June 29: Purchase 8 units at $25 each

LIFO (last-in, first-out)

Inventory= 9units* $20 + 8units * $25

Inventory= $380