Given the Following Data, Calculate the Cost of Ending Inventory

question 25

Multiple Choice

Given the following data, calculate the cost of ending inventory using the LIFO costing method.

• A)$545
• B)$720
• C)$915
• D)$740

---

Definitions:

Loan

A sum of money borrowed by one party from another, subject to repayment of the principal amount with interest.

Amortized

The process of gradually writing off the initial cost of an asset over a period.

Interest Paid

This is the amount of money paid by a borrower to a lender in return for the use of borrowed money, usually expressed as a percentage of the principal.

Effective Rate

The actual interest rate an investor earns or pays on an investment or loan, taking into account the effect of compounding.