Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:

What was the value of ending inventory of Algo, using the LIFO assumption in a periodic inventory system?
A) $1580
B) $1480
C) $1460
D) $1590

Question

Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:

What was the value of ending inventory of Algo, using the LIFO assumption in a periodic inventory system?
A) $1580 
B) $1480 
C) $1460 
D) $1590

Quizplus · Accepted Answer

The Answer of Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:

What was the value of ending inventory of Algo, using the LIFO assumption in a periodic inventory system?
A) $1580 
B) $1480 
C) $1460 
D) $1590

Diligent Ltd Had 5 Units of the Commodity Algo on Hand