J Q Adams Co

Multiple Choice

J. Q. Adams Co. had beginning inventory of 50 units with a total cost of $1000. During the period, J. Q. Adams first purchased 20 units for $800 and then 30 units for $1800. The company uses the LIFO periodic method of costing inventory. If a physical count of ending inventory showed 45 units, at what amount would they be valued on the balance sheet?

A) $1620
B) $900
C) $2400
D) $3600