Question 1

The units of an item available for sale during the year were as follows:

Jan 1 Inventory 10 units at 122April 15 Purchase 143 units at 116September 9 Purchase 21 units at 119

There are 38 units of the item in the physical inventory at December 31. The periodicinventory system is used. Determine the inventory cost using the last-in, first-out(LIFO)