Given the Following Information, Determine the Cost of the Inventory

question 2

Multiple Choice

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. $$\begin{array} { | l | l | l | } \hline \text { June 1 } & \text { Beginning inventory } & 15 \text { units at } \$ 20 \text { each } \\\hline \text { June } 15 & \text { Sale of } 6 \text { units for } \$ 50 \text { each } & \\\hline \text { June 29 } & \text { Purchase } & 8 \text { units at } \$ 25 \text { each } \\\hline\end{array}$$ The cost of the ending inventory is:

• A)$220
• B)$380
• C)$275
• D)$300
• E)$200

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Definitions:

Supply Curve

represents the relationship between the price of a good and the quantity of that good suppliers are willing to produce and sell, typically upward sloping because higher prices incentivize more production.

Shift

A change in demand or supply where the entire curve moves either right (increase) or left (decrease), signifying changes in market conditions.

Supply Curve

A visual chart demonstrating the link between a product's price and the amount producers are willing to supply.

Movement

In economics, this can refer to changes in market conditions, such as price movements, or the migration of people or capital between regions or sectors.