Solved: Amount of ending inventory appearing on the balance sheet, Accounting Basics

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Amount of ending inventory appearing on the balance sheet

Question:

Frye Company uses the LIFO cost flow method. They had no beginning inventory and Frye purchased 500 units of inventory that cost $4.00 each. At a later date, the company purchased an additional 600 units of inventory that cost $4.50 each. If Frye sold 800 units of the inventory, the amount of ending inventory appearing on the balance sheet would be: A. 1,400 B 1,350 C 1,200 D 1,450

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Accounting Basics: Amount of ending inventory appearing on the balance sheet

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