Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 110 units at $6 per unit 300 units at $12 per unit 100 units at $13 per unit At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O A. $1,140 B. $2,470 O C. $1,620 O D. $1,700

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
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Thelen's inventory records show the following data at January 31:
Beginning inventory Jan. 1
Jan. 10 purchase
Jan. 22 purchase
110 units at $6 per unit
300 units at $12 per unit
100 units at $13 per unit
At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method?
O A. $1,140
O B. $2,470
OC. $1,620
O D. $1,700
Click to select your answer.
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P Type here to search
Transcribed Image Text:Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 110 units at $6 per unit 300 units at $12 per unit 100 units at $13 per unit At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O A. $1,140 O B. $2,470 OC. $1,620 O D. $1,700 Click to select your answer. %23 P Type here to search
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