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A Company Had 8 Units at a Cost of $12

Question 197

Multiple Choice

A company had 8 units at a cost of $12 each in inventory on November 1. On November 2, the company purchased 13 units at $13 each. On November 6, the company purchased 9 units at $14 each. On November 8, the company sold 24 units for $57 each. Given this information, determine the cost of the 6 units remaining in inventory after the November 8 sale using the LIFO periodic inventory method.


A) $78
B) $319
C) $336
D) $72
E) $84

Correct Answer:

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