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A company just starting business made the following four inventory purchases in June: Date Number of units purchased Total cost June 1 120 units $
A company just starting business made the following four inventory purchases in June:
Date | Number of units purchased | Total cost |
June 1 | 120 units | $ 370 |
June 10 | 240 units | 600 |
June 15 | 240 units | 600 |
June 28 | 150 units | 490 |
$2060 |
A physical count of merchandise inventory on June 30 reveals that there are 350 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is
a) $1065
b) $420
c) $995
d) $945
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