What is the amount of the inventory at the end of the year using the LIFO method?
A) $1,685
B) $1,575
C) $1,805
D) $3,815

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. To determine the ending inventory, you would need to know the cost of the remaining items after accounting for the cost of goods sold using the most recent inventory costs. Without specific inventory and sales data, the choice B) $1,575 is provided as the correct answer.

What Is the Amount of the Inventory at the End