The following units of a particular item were purchased and sold during the period:
|
Beginning inventory |
40 units at $20 |
|
First purchase |
50 units at $21 |
|
Second purchase |
50 units at $22 |
|
First sale |
110 units |
|
Third purchase |
50 units at $23 |
|
Second sale |
45 units |
What is the cost of the 35 units on hand at the end of the period as determined under the perpetual inventory system by the LIFO costing method
A. $715
B. $705
C. $700
D. $805