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Swifty Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Units Per Unit Price
Swifty Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows:
Units | Per Unit Price | Total | |
---|---|---|---|
Balance, 1/1/20 | 250 | $5.00 | $1250 |
Purchase, 1/15/20 | 90 | 5.20 | 468 |
Purchase, 1/28/20 | 90 | 5.70 | 513 |
An end of the month (1/31/20) inventory showed that 110 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
$607
$617
$550
$853
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