Question
The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 12 units at $49
The following lots of Commodity Z were available for sale during the year.
| Line Item Description | Units and Cost |
|---|---|
| Beginning inventory | 12 units at $49 |
| First purchase | 15 units at $51 |
| Second purchase | 51 units at $58 |
| Third purchase | 16 units at $58 |
The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year.
What is the ending inventory balance of Commodity Z using LIFO?
a.$1,251
b.$1,450
c.$1,225
Step by Step Solution
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Step 12 Periodic Inventory System LIFO Last in First out Method Inventory Schedule Tot al Uni 69 ts ...
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Understanding and managing organizational behavior
Authors: Jennifer M. George, Gareth R. Jones
6th Edition
978-0136124498, 136124437, 9780132997799, 136124496, 132997797, 978-0136124436
