Given the Following Information, What Would the Ending Inventory Value

question 98

Multiple Choice

Given the following information, what would the ending inventory value be on December 31 under the LIFO method in a periodic inventory system? $$\begin{array} { | l | l | } \hline \text { Dates } & \text { Units of Inventory } \\\hline \text { Opening Inventory } & 200 \text { units at } \$ 5.00 \\\hline \text { Purchases: } & \\\hline \text { April } 12 & 300 \text { units at } \$ 5.10 \\\hline \text { July 7 } & 400 \text { units at } \$ 5.25 \\\hline \text { Sales: }& \\\hline \text { August } 12 & 100 \text { units at } \$ 8.00 \\\hline \text { December } 15 & 500 \text { units at } \$ 8.20 \\\hline\end{array}$$

• A)$1,510
• B)$1,575
• C)$2,075
• D)$3,120

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Definitions:

Term Partnership

A partnership established for a specified duration as outlined in the partnership agreement.

Specified Cause

A particular reason or condition that is clearly defined and identified for actions such as termination of a contract or activation of provisions.

Dissolution

The process of formally closing or ending a company, partnership, or official relationship.

Unlimited Personal Liability

A legal status where an individual's financial liability is not limited to a specific amount, potentially involving all personal assets to satisfy debts or liabilities.