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Determine the value of ending inventory using lifo

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Reference no: EM133187722

Question - The following units of an inventory item were available for sale during the year:

Beginning inventory 8 units at $52

First purchase 15 units at $52

Second purchase 21 units at $59

Third purchase 19 units at $62

The firm uses the periodic inventory system. During the year, 47 units of the item were sold.

Required - Determine the value of ending inventory using LIFO?

a. $832

b. $1,248

c. $416

d. $1,040

Reference no: EM133187722

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