Evans, Inc
had the following balances and transactions during 2017:
Beginning Merchandise Inventory 10 units at $71
March 10 Sold 8 units
June 10 Purchased 20 units at $81
October 30 Sold 15 units
What is the amount of the company's Merchandise Inventory, as disclosed in the December 31, 2017 balance sheet, using the periodic LIFO inventory costing method?
A) $405
B) $497
C) $567
D) $355
B .Ending Merchandise Inventory = 7 units x $71 = $497
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