Business Finance Homework Help

Moroni Industries has the following inventory information.

July 1 – Beginning Inventory – 40 units at $120

5th – Purchases – 240 units at $112

14th – Sales – 160 – units

21st – Purchases – 120 units at $115

30th – Sale – 140 units

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?

Which one?

$11,500

$11,520

$33,960

$33,980