Use This Inventory Information for the Month of March to Answer

question 35

Multiple Choice

Use this inventory information for the month of March to answer the following questions. $\begin{array}{llll}\text { Mar. } & 1 & \text { Beginning inventory } & 20 \text { units @ } \$ 76 \\& 7 & \text { Purchase } & 70 \text { units @ } \$ 80\\&18 & \text { Sale } & 25 \text { units } \\&22 & \text { Purchase } & 10 \text { units @ } \$ 88 \\&29 & \text { Sale } & 40 \text { units } \end{array}$
Assuming that a perpetual inventory system is used,what is ending inventory on a LIFO basis?

• A) More information is needed.
• B) $5,120
• C) $2,720
• D) $2,880

---

Definitions:

Numeric Solution

A solution involving numbers or a method of solving problems using numerical values.

Goal Seek

A function in spreadsheet software that finds the input value needed to achieve a specific target output in a formula or function.

Input Values

Data that is entered into a system or application for processing or analysis.

Solver Button

A feature in spreadsheet software that allows users to find optimal solutions to complex mathematical problems.