J Q Adams Co

question 57

Multiple Choice

J. Q. Adams Co. had beginning inventory of 50 units with a total cost of $1000. During the period, J. Q. Adams first purchased 20 units for $800 and then 30 units for $1800. The company uses the LIFO periodic method of costing inventory. If a physical count of ending inventory showed 45 units, at what amount would they be valued on the balance sheet?

• A) $1620
• B) $900
• C) $2400
• D) $3600

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