Given the above data,what is the amount of the ending inventory under LIFO?
A) 60
B) 50
C) 55
D) 65

Name: Given the above data,what is the amount of the ending inventory under LIFO? A) 60 B) 50 C) 55 D) 65
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Under LIFO, the latest purchases are assumed to be sold first. Therefore, the ending inventory would be made up of the oldest purchases at a cost of $5 per unit, which is 10 units. 10 units x $5 per unit = $50.

Given the Above Data,what Is the Amount of the Ending