Question
A company just starting business made the following four inventory purchases in June: June 1 150 units $ 210 June 10 200 units 440 June
A company just starting business made the following four inventory purchases in June:
| June | 1 | 150 units | $ 210 | |
| June | 10 | 200 units | 440 | |
| June | 15 | 200 units | 480 | |
| June | 28 | 150 units | 480 |
| $1,610 |
A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is
| A. | $970. | |
| B. | $640. | |
| C. | $320. | |
| D. | $1,290. |
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The Principles And Practice Of Auditing
Authors: George Puttick, Sandra Van Esch
8th Edition
0702156914, 978-0702156915
