Question: Using the LIFO method: beginning inventory on August 1 has 2 items valued at $100 each. On August 8, three items were purchased for $250

Using the LIFO method: beginning inventory on August 1 has 2 items valued at $100 each. On August 8, three items were purchased for $250 per unit. On August 10, two units were sold. On August 20, two units at $300 each were purchased. What is the value of inventory on hand? $800 $1,000 $1,050 $1,450

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