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 The value assigned to ending inventory if Niles uses LIFO is

*PLEASE EXPLAIN IN DETAIL, HOW DOES EVERY NUMBER COME FROM*

Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 Purchase, March 16 1400 units @ $2.20 280 units @ $2.50 520 units Inventory, March 31 The value assigned to ending inventory if Niles uses LIFO is O $1168. $1104. $1092. $1160