A Company Purchases and Sells Roofoo

question 36

Multiple Choice

A company purchases and sells Roofoo. It began last year with five units of Roofoo on hand at a cost of $10 each, and during the year its purchases and sales were as follows:

What was the value of ending inventory of Roofoo, using the LIFO assumption in a periodic inventory system?

• A) $30.
• B) $36.43.
• C) $45.
• D) $109.26.

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