Given the Following Information, Determine the Cost of Ending Inventory

question 15

Multiple Choice

Given the following information, determine the cost of ending inventory at June 30 using the LIFO perpetual inventory method. Assume this is the first month of the company's operations. June 1: 15 units were purchased at $20 per unit.
June 15: 12 units were sold.
June 29: 8 units were purchased for $25 per unit.

• A)$200
• B)$220
• C)$260
• D)$275
• E)$300

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Definitions:

Encoding

The method of transforming data into a format that can be retained in memory storage.

Storage

The retention of information or material in memory for future retrieval.

Retrieval

The process of getting information out of memory storage and into conscious awareness.

Over Time

Refers to the duration or period during which events or processes occur or continue.