Given the Following Information, Determine the Cost of Ending Inventory

question 206

Multiple Choice

Given the following information, determine the cost of ending inventory at December 31 using the LIFO perpetual inventory method. December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.

• A)$51.75
• B)$83.22
• C)$41.30
• D)$94.00
• E)$50.75

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Definitions:

Sociologists

Experts who study social behavior and society, emphasizing patterns of social relationships, social interaction, and culture.

Primary Provider

The main entity or individual responsible for supplying a particular service, support, or necessity.

Nuclear Family

A family unit that includes only parents and their children living together, considered the smallest, most basic social unit in many societies.

Ultimate Authority

The highest or most supreme source of power and decision-making, often used in the context of governance, religion, or organizational leadership.