The Following Units of an Inventory Item Were Available for Sale

question 48

Multiple Choice

The following units of an inventory item were available for sale during the year. Use this information to answer the following questions.
$$\begin{array} { l l } \text { Beginning inventory } & 10 \text { units at } \$ 55 \\\text { First purchase } & 25 \text { units at } \$ 60 \\\text { Second purchase } & 30 \text { units at } \$ 65 \\\text { Third purchase } & 15 \text { units at } \$ 70\end{array}$$ The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
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-The ending inventory cost using LIFO is

• A) $1,250
• B) $1,350
• C) $1,375
• D) $1,150

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