Question 40 (2 points)

Magnum Inc. sells a single product and it had a beginning inventory of 2,000 units with a total cost of $8,000. In March, 2017, 4,000 units were purchased at $5 each. Using LIFO, what is the value of the ending inventory of 2,000 units?

Question 40 options:

	$10,000
	$12,000
	$8,000
	$24,000

Question 41 (2 points)

Luke Inc. sells a single product and it had a beginning inventory of 6,000 units with a total cost of $30,000. In April, 2017, 4,500 units were purchased at $5.5 each. Using LIFO, what is the value of the ending inventory of 4,000 units?

Question 41 options:

	$20,000
	$22,000
	$22,500
	$30,000