Question 10 The following lots of Commodity P were available for sale during the year. Use this information to answer the questions that follow. Beginning inventory First purchase Second purchase Third purchase O $1,380 $1,375 5 units at $61 The firm uses the periodic inventory system, and there are 20 units of the commodity on hand at the end of the year. $1,510 15 units at $63 What is the year-end inventory balance of Commodity P using the FIFO method? $1,250 10 units at $74 10 units at $77

The following lots of Commodity P were available for sale during the year. Use this information to answer the questions that follow. The firm uses the periodic inventory system, and there are 20 units of the commodity on hand at the end of the year. What is the year-end inventory balance of Commodity P using the FIFO method? $1,380 51,375 51,510 $1,250