Question

On January 1, 2020, Widget Company had 1,600 units of Inventory, which were reported on their...

On January 1, 2020, Widget Company had 1,600 units of Inventory, which were reported on their Balance Sheet at $ 6.00 per unit.
During 2020, Widget had the following transactions:
March 1, 2020: Sold 1,000 units of Inventory @ $ 15 per unit
May 1, 2020:Purchased 900 units of Inventory @ $ 7 per unit
September 1, 2020: Sold 1,200 units of Inventory @ 16 per unit
December 31, 2020: Purchased 700 units of Inventory @ $ 8 per unit.
If Widge Company uses a Periodic LIFO Inventory System, and closes their books once each year, what is the amount reported for Inventory on their December 31, 2020 Balance Sheet?

A.$ 6,000

B.$ 7,400

C.$ 7,700

D.None of the above.

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