# Problem: Iron Co. has the following data related to an item of inventory: Inventory, March 1                                        100 units @ $4.20 Purchase, March 7 350 units @$4.40 Purchase, March 16                                      70 units @ $4.50 Inventory, March 31 150 units The value assigned to ending inventory if Iron uses LIFO is a.$667. b. $640. c.$630. d. $675. ###### FREE Expert Solution ###### Problem Details Iron Co. has the following data related to an item of inventory: Inventory, March 1 100 units @$4.20
Purchase, March 7                                        350 units @ $4.40 Purchase, March 16 70 units @$4.50
Inventory, March 31                                       150 units

The value assigned to ending inventory if Iron uses LIFO is

a. $667. b.$640.

c. $630. d.$675.

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Our tutors have indicated that to solve this problem you will need to apply the Periodic Inventory - FIFO, LIFO, and Average Cost concept. You can view video lessons to learn Periodic Inventory - FIFO, LIFO, and Average Cost. Or if you need more Periodic Inventory - FIFO, LIFO, and Average Cost practice, you can also practice Periodic Inventory - FIFO, LIFO, and Average Cost practice problems.

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