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

Beginning inventory10 units at $30

First purchase25 units at $32

Second purchase30 units at $34

Third purchase10 units at $35

Question1

Tries remaining: 1

Marked out of 1.00

Flag question

Question text

1. 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?