Bonkers Bananas Has the Following Inventory Data A Physical Count of Merchandise Inventory on July 31 Reveals

Bonkers Bananas has the following inventory data: $$\begin{array} { r l r r } \text { July } 1 & \text { Beginning inventory } & 40 \text { units at } \$ 20 & \$ 800 \\7 & \text { Purchases } & 140 \text { units at } \$ 21 & 2,940 \\22 & \text { Purchases } & 20 \text { units at } \$ 22 & 440\\&&&\$4,180\end{array}$$ A physical count of merchandise inventory on July 31 reveals that there are 50 units on hand.Using the LIFO inventory method the amount allocated to ending inventory for July is

A) $1100.
B) $1010.
C) $1070.
D) $1000.

Correct Answer:

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