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Question
Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:
Sept. 1 Inventory 20 units at $20
4 Sale 10 units
10 Purchase 30 units at $25
17 Sale 20 units
30 Purchase 10 units at $30Use the information for Addison, Inc. If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is
a. $800
b. $650
c. $750
d. $700
Answer
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