Question 45 The following lots of a 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 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 cost of goods sold for the year according to the LIFO method? $1,380 $1,375 5 units at $61 15 units at $63 10 units at $74 10 units at $77 O $1,510 O $1,250

The following lots of a Commodity P were available for sale during the year. Use this information to answer the questions that follow. 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 cost of goods sold for the year according to the LIFO method? $1,380 $1,375 $1,510 $1,250