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Consider the following inventory records for Starstruck Corporation: Date Transaction Number of Units Unit Cost Nov. 1 Beginning inventory 410 $ 2.19 Nov. 17 Purchase
Consider the following inventory records for Starstruck Corporation:
Date | Transaction | Number of Units | Unit Cost | |||||
Nov. | 1 | Beginning inventory | 410 | $ | 2.19 | |||
Nov. | 17 | Purchase | 370 | 2.60 | ||||
The company sold 550 units of inventory during the month.
Calculate the ending inventory assuming the company uses LIFO. (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
Multiple Choice
$598
$898
$962
$504
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