Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. $$\begin{array} { | l | l | l | }
\hline \text { June 1 } & \text { Beginning inventory } & 15 \text { units at } \$ 20 \text { each } \
\hline \text { June } 15 & \text { Sale of } 6 \text { units for } \$ 50 \text { each } & \
\hline \text { June 29 } & \text { Purchase } & 8 \text { units at } \$ 25 \text { each } \
\hline
\end{array}$$ The cost of the ending inventory is:
A)$220
B)$380
C)$275
D)$300
E)$200

Question

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. $$\begin{array} { | l | l | l | } 
\hline \text { June 1 } & \text { Beginning inventory } & 15 \text { units at } \$ 20 \text { each } \
\hline \text { June } 15 & \text { Sale of } 6 \text { units for } \$ 50 \text { each } & \
\hline \text { June 29 } & \text { Purchase } & 8 \text { units at } \$ 25 \text { each } \
\hline
\end{array}$$ The cost of the ending inventory is:
A)$220
B)$380
C)$275
D)$300
E)$200

Quizplus · Accepted Answer

The Answer of Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. $$\begin{array} { | l | l | l | } 
\hline \text { June 1 } & \text { Beginning inventory } & 15 \text { units at } \$ 20 \text { each } \
\hline \text { June } 15 & \text { Sale of } 6 \text { units for } \$ 50 \text { each } & \
\hline \text { June 29 } & \text { Purchase } & 8 \text { units at } \$ 25 \text { each } \
\hline
\end{array}$$ The cost of the ending inventory is:
A)$220
B)$380
C)$275
D)$300
E)$200

Given the Following Information, Determine the Cost of the Inventory