Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. The cost of the ending inventory is
A) $200.
B) $220.
C) $380.
D) $275.
E) $300.

Question

Quizplus · Accepted Answer

The LIFO (Last-In, First-Out) perpetual inventory method assumes that the most recently purchased items are sold first. To determine the cost of the ending inventory, you need to calculate the cost of the inventory that remains after accounting for the sales using the LIFO method. The correct answer is $380, which represents the cost of the inventory that was not sold by June 30.

Given the Following Information, Determine the Cost of the Inventory