Inventory information for Great Falls Merchandising, Inc. is provided below. Sales for the period were 2,800 units for 8 each. The company uses a LIFO periodic inventory system.
Date Number of Units Unit Cost Total Cost
January 1 Beginning inventory 1,000 3.00 3,000
January Purchase 600 3.50 2,100
February Purchase 800 4.00 3,200
March Purchase 1,200 4.25 5,100
Totals 3,600 13,400
Determine the ending inventory at March 31.
A) 3,400
B) 2,400
C) 10,200
D) 800
Question 2
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