A Firm That Sells a Single Product Had a Beginning

question 55

Multiple Choice

A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $16,000. Early in the year, 8,000 units were purchased at $6 each. Using LIFO, what is the value of the ending inventory of 2,000 units?

• A) $12,000
• B) $10,000
• C) $8,000
• D) $24,000 8000 = 2000 x (16000/4000).

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