A company had 22 units at a cost of $26 each in inventory on March 1. On March 2, the company purchased 27 units at $27 each. On March 6, the company purchased 23 units at $28 each. On March 8, the company sold 52 units for $71 each. Given this information, determine the cost of the 20 units remaining in inventory after the March 8 sale using the LIFO periodic inventory method.
A)$520
B)$560
C)$1,436
D)$1,425
E)$540

Question

Quizplus · Accepted Answer

The Answer of A company had 22 units at a cost of $26 each in inventory on March 1. On March 2, the company purchased 27 units at $27 each. On March 6, the company purchased 23 units at $28 each. On March 8, the company sold 52 units for $71 each. Given this information, determine the cost of the 20 units remaining in inventory after the March 8 sale using the LIFO periodic inventory method.
A)$520
B)$560
C)$1,436
D)$1,425
E)$540

A Company Had 22 Units at a Cost of $26