Question text

The following lots of a particular commodity were available for sale during the year:

Beginning inventory	10 units at $30
First purchase	25 units at $33
Second purchase	30 units at $34
Third purchase	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?

Select one:

a.

$655

b.

$620

c.

$690

d.

$630