Use this information to answer the following question.
A periodic inventory system is used.
-Using LIFO,the cost assigned to ending inventory is
A)$3,480.
B)$8,112.
C)$2,664.
D)$8,928.

Question

Use this information to answer the following question.  
A periodic inventory system is used.
-Using LIFO,the cost assigned to ending inventory is
A)$3,480. 
B)$8,112. 
C)$2,664. 
D)$8,928.

Quizplus · Accepted Answer

Under the Last-In, First-Out (LIFO) method, the cost of the most recently acquired items is the first to be recognized in the cost of goods sold, leaving the oldest costs to be assigned to the ending inventory. The specific dollar amount ($2,664) would be calculated based on the company's inventory purchase history and pricing, aligning with the LIFO principle.

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