The Siempre Store Has the Following Data for Inventory The Store Uses the LIFO Retail Method

question 96

Multiple Choice

The Siempre Store has the following data for inventory: $$\begin{array} { | l | r | r | } \hline & \text { Cost } & \text { Retail } \\\hline \text { Inventory, March 1 } & \$ 220,000 & \$ 340,000 \\\hline \text { Purchases for March } & 370,000 & 1,000,000 \\\hline \text { Sales for March } & & 500,000 \\\hline\end{array}$$
The store uses the LIFO retail method. Round all ratios to four decimal places. What is the cost of the ending inventory at March 31? (Round your final answer to the nearest dollar.)

• A) $500,000
• B) $840,000
• C) $185,000
• D) $405,000

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Definitions:

Parallel/Series

Describes two fundamental ways of connecting electrical components in a circuit; parallel connections share two common points and series connections are made end-to-end.

Parallel

A type of computing or processing where multiple processes or circuits run at the same time, increasing speed and efficiency.

NOT Function

A logical operation that inverts its input; if the input is true, the output is false, and vice versa.