Oscar Industries Has the Following Inventory Information Assuming That a Periodic Inventory System Is Used What Is

Oscar Industries has the following inventory information. $\begin{array}{rll}\text { July } 1 & \text { Beginning Inventory } & 40 \text { units at } \$ 110 \\5 & \text { Purchases } & 240 \text { units at } \$ 112 \\14 & \text { Sale } & 160 \text { units } \\21 & \text { Purchases } & 120 \text { units at } \$ 115 \\30 & \text { Sale } & 150 \text { units }\end{array}$
Assuming that a periodic inventory system is used what is the amount allocated to ending inventory on a LIFO basis?

A) $10350
B) $10000
C) $35080
D) $34730

Correct Answer:

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