Audrey Company Uses the LIFO Retail Inventory Method and Reports

Audrey Company uses the LIFO retail inventory method and reports the following information:
$\begin{array}{c}\begin{array}{l}\underline{\text { Retail }} \\\$ 900 \\1,000 \\4,500\\500 \\4,000\end{array}\begin{array}{lll}\underline{\text {Cost}}\\\$540\\ \\\\\\3,150\end{array}\begin{array}{lll}\\\text {Beginning inventory}\\\text { Net markups }\\\text {Sales}\\\text {Net markdowns}\\\text {Purchases} \end{array} \end{array}$


What is the cost of ending inventory for Audrey Company?

A) $540
B) $580
C) $630
D) $900

Correct Answer:

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