Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:
$\begin{array} { r l l } \text { Sept. } 1 & \text { Inventory } & 20 \text { units at } \$ 20 \ 4 & \text { Sale } & 10 \text { units } \ 10 & \text { Purchase } & 30 \text { units at } \$ 25 \ 17 & \text { Sale } & 20 \text { units } \ 30 & \text { Purchase } & 10 \text { units at } \$ 30 \end{array}$
-Use the information for Addison, Inc. If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is
A) $800
B) $650
C) $750
D) $700

Question

Quizplus · Accepted Answer

Under the LIFO (Last-In, First-Out) method, the most recently acquired items are sold first, leaving the older inventory in stock. Without specific inventory purchase and sale details, it's impossible to accurately determine the ending inventory value. However, given only the choices provided and no additional information, the correct answer cannot be determined based on the information given.

Addison, Inc -Use the Information for Addison, Inc