单选题 Baldwin, Inc. uses the last in, first out (LIFO) inventory cost flow assumption. Inventory transactions for beginning inventory and for furniture purchased and sold during 2007 were as follows:

【正确答案】 B

【答案解析】Under LIFO, ending inventory consists of the oldest units acquired. During 2007, Baldwin, sold all of its inventory and recent purchases on March 18. Baldwin then purchased 300 additional units for a cost of $180000 on August 30. Because no additional sales were made, these 300 units purchased represent all of the inventory on the December 31 balance sheet. (Even though the question says LIFO, pay attention to the dates purchases and sales are made. Simply by looking at the dates, you can see the inventory must be $180000 without making a single calculation !)