The Elston Company Uses a Periodic Inventory System At Year-End, 50 Units Remain in Inventory

question 28

Multiple Choice

The Elston Company uses a periodic inventory system.Relevant inventory information for the year follows: $\begin{array}{llr}1 / 1 & \text { Beginning inventory } & 20 \text { units@ } \$ 170 \text { per unit } \\5 / 23 & \text { Purchased } & 20 \text { units@ } \$ 125 \text { per unit} \\11 / 5 & \text { Purchased } & 400 \text { units@ } \$ 160 \text { per unit } \\11 / 18 & \text { Purchased } & 100 \text { units@ } \$ 175 \text { per unit }\end{array}$ At year-end, 50 units remain in inventory.What is the cost of the ending inventory on a LIFO basis?

• A)$7, 500
• B)$7, 100
• C)$8, 750
• D)$8, 450

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