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Use the Following Data to Calculate the Cost of Ending

Question 64

Multiple Choice

Use the following data to calculate the cost of ending inventory using the LIFO method. 15 units at $20 each  Beginning Inventory  September 1 20 units at $25 each  Purchase  September 10 25 units at $28 each  Purchase  September 2030 units  Ending Inventory  September 30\begin{array}{lll}15 \text { units at } \$ 20 \text { each } & \text { Beginning Inventory } & \text { September 1 } \\20 \text { units at } \$ 25 \text { each } & \text { Purchase } & \text { September 10 } \\25 \text { units at } \$ 28 \text { each } & \text { Purchase } & \text { September } 20 \\30 \text { units } & \text { Ending Inventory } & \text { September } 30\end{array}


A) $825
B) $750
C) $675
D) $600

Correct Answer:

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