Question
The following lots of a particular commodity were available for sale during the year Beginning inventory 11 units at $49.00 First purchase 18 units at
The following lots of a particular commodity were available for sale during the year
| Beginning inventory | 11 units at $49.00 |
| First purchase | 18 units at $53.00 |
| Second purchase | 50 units at $57.00 |
| Third purchase | 14 units at $60.00 |
The firm uses the periodic system, and there are 27 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 the correct answer.
$5,183.00
$1,387.00
$1,581.00
$1,323.00
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
13th Canadian Edition
1119740460, 978-1119740469
