Date Jan 14 17 25 29 375 28 250 20 250 22 260 32 Partridge

Date Jan 14 17 25 29 375@ $28 250@ $20 250 @ $22 260@ $32 Partridge Bookstore had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows: Partridge does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: $6,570. $7.300 $7.800. $8,030.

Solution

Under LIFO, the most recent purchases were assumed to be sold first so, the ending inventory would be the units held on january 1 365units (of 500 units)*18

Ans:Option A

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