Use the information above to answer the following question.If the company uses the LIFO costing method,what is the cost of its ending inventory?
A)$1,365.
B)$1,494.
C)$1,620.
D)$2,835.

Question

Quizplus · Accepted Answer

Under the LIFO (Last-In, First-Out) method, the cost of ending inventory is based on the oldest inventory costs. The correct answer is $1,365, which represents the cost of the oldest inventory remaining.

Use the Information Above to Answer the Following Question