Consider the following facts: - Company A has the following inventory informatio

ID: 2448418 • Letter: C

Question

Consider the following facts:

- Company A has the following inventory information:

- Inventory at the beginning of January was 15 units purchased at $8.00 each.

- On January 8, purchased 60 units @ $8.30 each

- On January 17, purchased 30 units @ $8.40 each

- On January 25, purchased 45 units @ $8.80 each

- On January 31, a physical count showed 45 units on hand

- Company A uses the periodic inventory system

Company A's ending inventory under LIFO is:

a. $369

b. $396

c. None of these answers are correct

d. $897

e. $870

15*8=120

30.8.3=249

120+249=369

under periodical inventory system lifo closing inventory is units purchased in the begining

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