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The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $60 First purchase Second purchase
The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $60 First purchase Second purchase 25 units at $65 30 units at $68 15 units at $75 Third purchase The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year using the FIFO method? Oa. $1,575 Ob. $1,805 Oc. $1,685 Od. $3,585
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
2nd edition
73396958, 978-0077630461, 77630467, 978-0073396958
