Question

Amiable Inc. uses a perpetual inventory system. The following transactions took place during the month of August:


August 2 25 units were purchased at $12 per unit
August 5 10 units were purchased at $13 per unit
August 15 12 units were sold at $25 per unit
August 18 15 units were purchased at $14 per unit

If Amiable uses the LIFO method, what is the ending inventory at August 31?

A. $496.00

B. $486.00

C. $492.57

D. $300.00

E. $510.00

Answer

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