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Bailey Company Uses a Periodic Inventory System and Its Inventory

Question 163

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Bailey Company uses a periodic inventory system and its inventory records contain the following information:
Bailey Company uses a periodic inventory system and its inventory records contain the following information: The company sold 1,000 units during June.There were no additional purchases or sales during the remainder of the year.The company had 500 units were in its ending inventory at the end of the year. -Use the information above to answer the following question.If Bailey Company uses the LIFO costing method,what is the cost of its ending inventory? A) $1,365 B) $1,494 C) $1,620 D) $2,835
The company sold 1,000 units during June.There were no additional purchases or sales during the remainder of the year.The company had 500 units were in its ending inventory at the end of the year.
-Use the information above to answer the following question.If Bailey Company uses the LIFO costing method,what is the cost of its ending inventory?


A) $1,365
B) $1,494
C) $1,620
D) $2,835

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