Use This Information to Answer the Following Question

question 94

Multiple Choice

Use this information to answer the following question.
A periodic inventory system is used.
-Using LIFO,the cost assigned to ending inventory is

• A)$3,480.
• B)$8,112.
• C)$2,664.
• D)$8,928.

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Definitions:

Income Statement

A financial statement that shows a company's financial performance over a specific period, detailing revenues, expenses, and profit or loss.

Balance Sheet

A financial report detailing a company's possessions, debts, and owner's equity at a particular moment.

Operating Cycle

The duration of time it takes for a company to purchase inventory, sell it, and convert the sale into cash.

Financial Data

Financial data consists of records, figures, and quantitative information related to the financial status, operations, and performance of an entity.