Use this information to answer the following question.
A periodic inventory system is used.
-Ending inventory under LIFO is
A)$452.
B)$429.
C)$214.
D)$237.

Question

Use this information to answer the following question.  
A periodic inventory system is used.
-Ending inventory under LIFO is
A)$452. 
B)$429. 
C)$214. 
D)$237.

Quizplus · Accepted Answer

Under LIFO (Last-In, First-Out), the last items purchased are the first to be used or sold. Therefore, the ending inventory consists of the oldest costs. Without specific inventory data, the choice with the lowest value is often correct, as LIFO typically results in lower ending inventory values compared to FIFO in times of rising prices.

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