On February 15, 20X3 ELBOA purchased 50,000 inventory units at a price of $ 20 per unit. ELBOA subsequently purchased 30,000 units in September at a unit price of $ 22 and 40,000 units in November at $ 25. The number of units sold in that year was equal to 75,000. ELBOA uses the last in, first out (LIFO) method of inventory accounting. ELBOAs closing inventory balance on December 31, 20X3 is closest to what  amount?

Answer rating: 100% (QA)

Using LIFO to Calculate Closing Inventory ELBOA uses the LastIn FirstOut LIFO method for inventory a... View the full answer