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Tier II Company uses a periodic inventory system. Details for the inventory account for the month of January, 2008 are as follows: Units Per unit
Tier II Company uses a periodic inventory system. Details for the inventory account for the month of January, 2008 are as follows:
Units Per unit price Total
Balance, 1/1/08 200 $5.00 $1,000
Purchase, 1/15/08 100 5.30 530
Purchase, 1/28/08 100 5.50 550
An end of the month (1/31/08) inventory showed that 120 units were on hand.
15. If the company uses LIFO, what is the value of the ending inventory?
a. $520
b. $600
c. $656
d. $1,480
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