Question: Inventory data of Tehreem Traders is appended below: Date Quantity Cost per unit $ Total Cost $ Jan 1 Beginning inventory 100 18.0 1,800 Mar

Inventory data of Tehreem Traders is appended below:

Date Quantity Cost per unit $ Total Cost $
Jan 1 Beginning inventory 100 18.0 1,800
Mar 4 Purchases 400 19.0 7,600
May 8 Purchases 800 20.0 16,000
Nov 3 Purchases 500 21.0 10,500
Merchandise available 1,800 35,900

Sales during the year were 1,280 units. The cost of ending inventory under periodic inventory system using LIFO method is:
  • A. $10,900
  • B. $9,800
  • C. $9,360
  • D. $9,630
  • E. $11,368
  • F. $10,371
  • G.a credit to cash account of $812
  • H.a debit to suspense account of $54

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