Assuming that Ace Systems uses the LIFO flow assump?tion, the 12 units of this product in inventory at January 31 have a total cost of:
A) $499.
B) $331.
C) $509.
D) Some other amount.

Question

Quizplus · Accepted Answer

Under LIFO (Last-In, First-Out), the last units purchased are the first to be used or sold. Therefore, the cost of the 12 units in inventory would be based on the earliest costs available.

Assuming That Ace Systems Uses the LIFO Flow Assump?tion, the 12