Question
The following lots of a particular commodity were available for sale during the year Beginning inventory 8 units at $52.00 First purchase 15 units at
The following lots of a particular commodity were available for sale during the year
| Beginning inventory | 8 units at $52.00 |
| First purchase | 15 units at $50.00 |
| Second purchase | 53 units at $56.00 |
| Third purchase | 18 units at $57.00 |
The firm uses the periodic system, and there are 21 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.
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Financial Accounting An International Introduction
Authors: David Alexander
7th Edition
129229583X, 978-1292295831
