Given the following: LIFO method 250 units left in inventory
The cost of ending inventory is:
A) $1,550
B) $2,300
C) $1,200
D) $3,200
E) None of these

Question

Quizplus · Accepted Answer

The cost of ending inventory is $1,550 because the LIFO method assumes that the last units purchased are the first units sold. Therefore, the cost of the ending inventory is the cost of the last 250 units purchased.

Given the Following: LIFO Method 250 Units Left in Inventory