Lowery CompanyLowery Company uses a perpetual inventory system. The following information is available for the month of March:
Mar.1On hand, 10 units at $2 each$ 20 4Sold 8 units for $10 each 80 22Purchased 50 units at $4 each 200 26Sold 48 units for $10 each 480Refer to the information provided for Lowery Company. If the company uses the FIFO inventory costing method, how much is ending inventory at March 31st?
A. $40
B. $16
C. $12
D. $ 8
Answer: B
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