Accounting Practice Problems Periodic Inventory - FIFO, LIFO, and Average Cost Practice Problems Solution: Iron Co. has the following data related to an item...

Solution: 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.

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.

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