The following data was collected from the accounting records of Ambrose, Inc., which currently uses the FIFO method of valuing inventory.

What would have been the difference in Ambrose’s ending inventory under the LIFO costing method?

Question

The following data was collected from the accounting records of Ambrose, Inc., which currently uses the FIFO method of valuing inventory.   
   
  
   
 What would have been the difference in Ambrose’s ending inventory under the  LIFO  costing method?

Answer

Ending inventory would have been $120 lower.

Answer

Ending inventory would have been $120 higher.

Answer

Ending inventory is the same under both methods.

Answer

The difference cannot be determined using this information.

Sales revenue	200 units at $25 per unit
Purchases	180 units at $15 per unit
Beginning inventory	60 units @ $12 per unit

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The following data was collected from the accounting records of Ambrose, Inc., w...

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