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The Rock Shop shows the following data related to an item of inventory: Inventory,...

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Question

Accounting

The Rock Shop shows the following data related to an item of inventory:

Inventory, January 1 300 units @ $5.00 = $1,500

Purchase, January 9 1300 units @ $6.00 = 7,800

Purchase, January 19 400 units @ $8.00 = 3,200

Total 2,000 units = $12,500

Inventory, January 31 600 units

What is value assigned to ending inventory on January 31 if LIFO is used?

Group of answer choices

3300

4400

9200

8100

Answer & Explanation Solved by verified expert
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