Question
The following lots of a particular commodity were available for sale during the year Beginning inventory 9 units at $52.00 First purchase 16 units at
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The following lots of a particular commodity were available for sale during the year
Beginning inventory 9 units at $52.00 First purchase 16 units at $54.00 Second purchase 28 units at $57.00 Third purchase 17 units at $58.00
The firm uses the periodic system, and there are 24 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 FIFO method?
Select the correct answer.
$1,385.00
$3,890.00
$1,248.00
$3,914.00
The following lots of a particular commodity were available for sale during the year
| Beginning inventory | 9 units at $52.00 |
| First purchase | 16 units at $54.00 |
| Second purchase | 28 units at $57.00 |
| Third purchase | 17 units at $58.00 |
The firm uses the periodic system, and there are 24 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 FIFO method?
Select the correct answer.
$1,385.00
$3,890.00
$1,248.00
$3,914.00
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
9780073526706
