Ramirez Room Interiors keeps a separate inventory account f

Ramirez Room & Interiors keeps a separate inventory account for antique brass coat hooks that can be attached to the rear of a door. If the following transactions occurred during the first quarter of 2012, what would be the quantity and inventory value of coat hooks at the end of the quarter using the LIFO valuation method?

360 for $28.25

650 for $8,450

238 units for $3,194.00

238 units for $3,405.75

Date	Goods Purchsed	CGS	QTY Bal	Dollar Bal
Jan 01	Beginning Balance		650 @ $13	$8,450
Jan 20		212 units
Feb 14	110 @ $14
Feb 28		390 units
Mar 20	250 @ $14.25
Mar 30		170 units
Mar 31	Ending Balance		?	?

Solution

Inventory units = 650+110+250-212-390-170= 238 Inventory value = (250-170)*14.25+(158*13)= $3194 Option C is correct