Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1400 units @ $2.20 Purchase, March 16 280 units @ $2.50 Inventory, March 31 520 units.

*answer: (400 $2.10) + (120 $2.20) = $1104. *******Where does 120 come from? ********

Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 1400 units @ $2.20 280 units @ $2.50 520 units The value assigned to ending inventory if Niles uses LIFO is