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

Beginning inventory5 units at $61First purchase15 units at $63Second purchase10 units at $74Third purchase10 units at $77

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 good sold for the year according to the average cost method?

a.$1,375

b.$1,510

c.$1,380

d.$1,250

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

Beginning inventory10 units at $60First purchase25 units at $65Second purchase30 units at $68Third purchase15 units at $75

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 the inventory at the end of the year rounded to nearest dollar using the average cost method?

a.$1,575

b.$1,805

c.$3,705

d.$1,685

The following units of an inventory item were available for sale during the year:

Beginning inventory10 units at $55First purchase25 units at $60Second purchase30 units at $65Third purchase15 units at $70

The firm uses the periodic inventory system.During the year, 60 units of the item were sold.

The value of ending inventory using LIFO is

a.$1,350

b.$1,375

c.$1,250

d.$1,150