Waterway company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows:
Balance, 1/1/20; Units-150, Per Unit Price-$5.00, Total-$750
Purchase, 1/15/20; Units-130, Per unit Price-$5.40, Total-$702
Purchase, 1/28/20; Units-130, Per unit Price-$5.50, Total-$715
An end of month (1/31/20)inventory showed 120 units were on hand. If the company uses LIFO, what is the value of the ending inventory.
- $651
- $661
- $600
- $995
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