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

---

Definitions:

Federal Form 941

A quarterly tax form used by employers to report federal withholdings from employees.

Medicare

Medicare is a federal health insurance program in the United States primarily for people who are 65 years or older, and for some younger people with disabilities.

Social Security

A U.S. government program that provides retirement, disability, and survivors' benefits funded through payroll taxes.

Form W-2

Form W-2 is an IRS tax form used in the United States to report wages paid to employees and the taxes withheld from them.