Number 16

QUESTION 16 The following units of an inventory item were available for sale during the year. Use this information to answer the following questions. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using LIFO is a. S1,250 b. 51,375 OC $1,350 d. $1,150