Leslie, Ltd What Is the Cost of the Ending Inventory?
A) $6,720

question 102

Multiple Choice

Leslie, Ltd. used the LIFO retail inventory method to determine its ending inventory. The accounting records for the company contained the following relevant information:
$\begin{array}{c}\begin{array}{l}\underline{\text { Retail }} \\\$ 79,000 \\91,000 \\2500\\5,000\\4,000\end{array}\begin{array}{lll}\underline{\text {Cost}}\\\$48,000\\\\12,000\\\\\\\end{array}\begin{array}{lll}\\\text {Net purchases}\\\text {Sales }\\\text {Begining inventory}\\\text {Net markups}\\\text {Net markdowns} \end{array} \end{array}$


What is the cost of the ending inventory?

• A) $6,720
• B) $7,700
• C) $7,980
• D) $8,400

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