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Graham Company Uses a Periodic Inventory System

Question 37

Multiple Choice

Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows: Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows: An end of the month (1/31/14) inventory showed that 120 units were on hand. If the company uses LIFO, what is the value of the ending inventory? A) $520 B) $600 C) $656 D) $1,480 An end of the month (1/31/14) inventory showed that 120 units were on hand. If the company uses LIFO, what is the value of the ending inventory?


A) $520
B) $600
C) $656
D) $1,480

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