Question: Addison, Inc. uses a perpetual inventory system. Information about one inventory item for the month of September follows. Date Line Item Description Units and Cost

Addison, Inc. uses a perpetual inventory system. Information about one inventory item for the month of September follows.
Date Line Item Description Units and Cost
Sep. 1 Inventory 20 units at $20
4 Sold 10 units
10 Purchased 30 units at $25
17 Sold 20 units
30 Purchased 10 units at $30
If Addison uses LIFO, the September 30 inventory balance is
a. $650
b. $700
c. $800
d. $750

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