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.