Use the Information Below to Answer the Following Questions:
Diligent

question 1

Multiple Choice

Use the information below to answer the following questions:
Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2012. The following purchases and sales were made during September:

$\begin{array}{llcc} \text { Opening Balance } & \text { Purchases } & \text { Sales } \\ \text {September1\quad 5 units@\$200 \( \$ \) } & \text {September3\quad 5 units @ \$240 \( \quad \) }& \text {September \( 7 \quad 7 \) units}\\ \text { } & \text { 12\quad 3 units@\$260} & \text { 27\quad 5 units } \\ \text { } & \text {25\quad 6 units@\$200 } & \text { } \\\end{array}$
-What was the value of ending inventory of Algo,using the LIFO assumption in a perpetual inventory system?

• A) $1460
• B) $1480
• C) $1580
• D) $2400.

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