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A company just starting business made the following four inventory purchases in June: Date Number of...

A company just starting business made the following four inventory purchases in June: Date Number of units purchased Total cost June 1 100 units $ 410 June 10 200 units 575 June 15 200 units 700 June 28 180 units 530 $2215 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is $755. $1265. $950. $845.

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Answer #1

Value of ending inventory under lifo

= 410 + (575/200)*120

= 410 + 345

= 755

Option A is the answer
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