ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 173

Niles Co. has the following data related to an item of inventory:

Inventory, March 1

200 units

@ $2.10

Purchase, March 7

700 units

@ $2.20

Purchase, March 16

140 units

@ $2.25

Inventory, March 31

260 units

The value assigned to ending inventory if Niles uses LIFO is

Multiple Choice Question 72

Which of the following is a reason why the specific identification
method may be considered ideal for assigning costs to inventory and
cost of goods sold?

The cost flow matches the physical flow.