Use the following data of Bluefish Sales inc Total Cost 7 1

Use the following data of Bluefish Sales, inc. Total Cost $ 7 168 320 153 Unit Units Sold Units 24 40 17 45 Cost Beginning inventory Purchase on Apr 25 Purchase on Nov 16 Sales Bluefish Sales\' LIFO cost of ending inventory would be 9 OA. $405 OB. $305 C. $264 D. $285 Click to select your answer

Solution

Total ending inventory = 24+40+17 - 45 = 36 units
As LIFO method is followed,
Sale of 45 units can be from
Nov 16 purchases = 17 units
Apr 25 purchases = 28 units
Total units left
Apr 25 purchases= (40-28)*8 = $96
Beginning inventory = 24*7 =    $168
Total = $264
Option C