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Given the Following Information,determine the Cost of the Inventory at June

Question 131

Multiple Choice

Given the following information,determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.
 June 1  Beginning inventory 15 units at $20 each  June 15  Sale of 6 units for $50 each  June 29  Purchase 8 units at $25 each \begin{array} { | l | l | l | } \hline \text { June 1 } & \text { Beginning inventory } & 15 \text { units at } \$ 20 \text { each } \\\hline \text { June 15 } & \text { Sale of } 6 \text { units for } \$ 50 \text { each } & \\\hline \text { June 29 } & \text { Purchase } & 8 \text { units at } \$ 25 \text { each } \\\hline\end{array}
The cost of the ending inventory is:


A) $200
B) $220
C) $380
D) $275
E) $300

Correct Answer:

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