Graham Company uses a periodic inventory system. Details for the inventory account for the month...
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Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2010 are as follows: Units Per unit price Total Balance, 1/1/10 200 $5.00 $1,000 Purchase, 1/15/10 100 5.30 530 Purchase, 1/28/10 100 5.50 550 An end of the month (1/31/10) inventory showed that 120 units were on hand. If the company uses LIFO, what is the value of the ending inventory? Question 50 options: 1) $520 2) $600 3) $1,480 4) $656
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