Question text

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 $58
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 value of ending inventory using LIFO is

Select one:

a.

$1,130

b.

$1,350

c.

$1,375

d.

$1,150