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Given the following data, calculate the cost of ending inventory using the LIFO costing method. (Be sure to show your work.) Date Item Unit 1/1
Given the following data, calculate the cost of ending inventory using the LIFO costing method. (Be sure to show your work.)
Date | Item | Unit |
1/1 | Beginning Inventory | 30 units at $10 per unit |
2/25 | Purchase of Inventory | 15 units at $12 per unit |
5/20 | Purchase of Inventory | 25 units at $13 per unit |
8/15 | Purchase of Inventory | 20 units at $14 per unit |
10/17 | Purchase of Inventory | 25 units at $15 per unit |
12/31 | Ending Inventory | 65 units |
A) $915
B) $740
C) $720
D) $545
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