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The following selected financial information relates to Jacobs Companys beginning inventory, inventory purchases, and sales of inventory for 2016: 01/01/2016 Beginning inventory 35 units @
The following selected financial information relates to Jacobs Companys beginning inventory, inventory purchases, and sales of inventory for 2016: |
01/01/2016 | Beginning inventory | 35 units | @ $13 | $ 455 | |
04/24/2016 | First purchase | 75 units | @ $12 | 900 | |
10/16/2016 | Second purchase | 60 units | @ $10 | 600 | |
Total available | 170 units | $1,955 | |||
11/15/2016 | Sales | 120 units | @ $25 | $3,000 | |
What is the ending inventory using the LIFO cost flow method? |
A) $500
B) $635
C) $575
D) $650
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