Beginning inventory

First purchase

Second purchase

Third purchase

$10$ units at $$60$

$25$ units at $$65$

$30$ units at $$68$

$15$ units at $$75$

The furm uses the periodic system, and there are $25$ units of the commodity on hand at the end of the year.

$27.$ What is the amount of inventory at the end of the year using the LIFO method?

a$.$ $$1,685$

b$.$ $$1,575$

c$.$ $$1,805$

d$.$ $$3,815$

$28.$ During times of rising prices, which of the following is not an accurate statement?

a$.$ Weighted average costing will yield results that are between those of FIFO and LIFO.

b$.$ LIFO will result in a higher cost of merchandise sold than FIFO.

c$.$ FIFO will result in a higher net income than LIFO.

d$.$ LIFO will result in higher income taxes than FIFO.

$29.$ Beginning inventory, purchases, and sales for an inventory item are as follows:

Assuming a perpetual inventory system and the first$-$in$,$ first$-$out method, determine $($a$)$ the cost of the merchandise sold for the September $30$ sale and $($b$)$ the inventory on September $30.$

$30.$ Beginning inventory, purchases, and sales for an inventory item are as follows:

$\backslash$table$[[$Sept$.,$Beginning inventory,$24$ units,@$,$$$10$