A company had the following purchases and sales during its first year of operations January: February: May: September: November: Multiple Choice $3,200. On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) O $3.270 O $5,400 Purchases 10 units at $120 20 units at $125 15 units at $130 O $3.364 12 units at $135 10 units at $140 Sales 6 units 5 units 9 units 8 units. 13 units

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.