Accounting MCQ Accounting Marvin sold 2,300 units of inventory during the month. Ending inventory assuming LIFO would be:

Marvin sold 2,300 units of inventory during the month. Ending inventory assuming LIFO would be:

Naim 12:33 Accounting

Inventory records for Marvin Company revealed the following:

Date Transaction Number of Units Unit Cost

Mar. 1 Beginning Inventory 1,000 $ 7.20

Mar. 10 Purchase 600 7.25

Mar. 16 Purchase 800 7.30

Mar. 23 Purchase 600 7.35

Marvin sold 2,300 units of inventory during the month. Ending inventory assuming LIFO would be:

A) $5,040.

B) $5,055.

C) $5,075.

D) $5,135.

Answer: A

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