20) Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information

about inventory is contained in the table below. The company uses a LIFO perpetual inventory

system and sells inventory for $5.00 per unit.

Date Number of

Units

Unit Cost Total Cost

January 01 Beginning inventory 2,000 $2.00 $4,000

January 10 Sale 1,200

January 15 Purchase 4,000 $2.25 $9,000

January 20 Sale 2,500

January 25 Purchase 5,000 $2.40 $12,000

January 30 Sale 6,000

Determine the ending inventory for the period.

20)

A) $2,600 B) $3,120 C) $2,725 D) $2,925

I know the answer is C. Please show me how to get that answer