Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information about inventory is contained in the table below. The company uses a LIFO perpetual inventory system and sells inventory for $5.00 per unit
Date Number of Units Unit Cost Total Cost
January 01 Beginning inventory 2,000 $2.00 $4,000
January 10 Sale 1,200
January 15 Purchase 4,000 $2.25 $9,000
January 20 Sale 2,500
January 25 Purchase 5,000 $2.40 $12,000
January 30 Sale 6,000
Determine the ending inventory for the period.
A) $2,925
B) $2,600
C) $2,725
D) $3,120
C
Business
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