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shtirl [24]
2 years ago
9

Assuming that periodic inventory records are kept, the ending inventory on a LIFO basis is Group of answer choices $16,440. $17,

160. $17,880. $16,640. None of these answer choices are correct.
Business
1 answer:
Troyanec [42]2 years ago
7 0

Answer:

$16,440.

Explanation:

Please find attached the data used in answering this question

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

the ending inventory would consist of earlier purchased goods

total sales is 20800

total purchases = 26,000

ending inventory = 26,000 - 20800 = 5200

this price of the ending inventory = 3200 x 3.2) + (2000 x 3.1) = $16,440.

                               

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