Question 28 5 pts The following lots of a particular commodity were available for sale during the year Beginning inventory First purchase Second purchase Third purchase 10 units at $30 25 units at $32 30 units at $34 10 units at $35 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the LIFO method? $655 O$620 O $690 $659 D Question 29 1 pts Merchandise inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on net income, assets, and stockholders' equity? net income is overstated, assets are overstated, and stockholders equity is understated