Use the following data to calculate the cost of ending inventory using the LIFO method.
A)$825
B)$750
C)$675
D)$600

Name: Use the following data to calculate the cost of ending inventory using the LIFO method. A)$825 B)$750 C)$675 D)$600
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Question

Quizplus · Accepted Answer

The LIFO (Last-In, First-Out) method assumes that the last items added to inventory are the first ones to be used or sold. Therefore, the cost of ending inventory is based on the oldest inventory costs.

Use the Following Data to Calculate the Cost of Ending