Question Content Area

The following units of an inventory item were available for sale during the year.

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.$1,350

b.$1,150

c.$1,250

d.$1,375