ABC Inc. reports the following lots of a particular commodity as available for sale during the year:

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Beginning inventory20 units at $2,500/unit

First purchase20 units at $3,000/unit

Second purchase30 units at $3,500/unit

Third purchase20 units at $4,000/unit

There are 25 units of the commodity on hand at the end of the year.What is the dollar amount of inventory at the end of the year according to the last-in, first-out (LIFO) method?

Posted Date: Jun 14, 2024 01:28 AM

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ABC Inc. reports the following lots of a particular commodity as available for sale during the year:

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