Use the following inventory related information for Questions below
On September 1, the beginning inventory was 110 units at $50 each. Purchases and sales during September were:

-What is the cost of inventory on September 30 if the periodic LIFO costing alternative is used?
A) $7,160
B) $5,520
C) $6,620
D) $6,500

Question

Use the following inventory related information for Questions below
On September 1, the beginning inventory was 110 units at $50 each. Purchases and sales during September were:
 
-What is the cost of inventory on September 30 if the periodic LIFO costing alternative is used?
A) $7,160 
B) $5,520 
C) $6,620 
D) $6,500

Quizplus · Accepted Answer

The periodic LIFO method values inventory based on the cost of the most recent purchases. The cost of inventory on September 30 would be calculated using the earliest costs available, which results in $6,620.

Use the Following Inventory Related Information for Questions Below