Question
The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 8 units at $50
The following lots of Commodity Z were available for sale during the year.
| Line Item Description | Units and Cost |
|---|---|
| Beginning inventory | 8 units at $50 |
| First purchase | 15 units at $52 |
| Second purchase | 53 units at $56 |
| Third purchase | 18 units at $61 |
The firm uses the periodic inventory system, and there are 21 units of the commodity on hand at the end of the year.
What is the ending inventory balance of Commodity Z using LIFO?
a.$5,246
b.$1,050
c.$1,076
d.$1,266
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Coffee Plus Math Equal To Audit
Authors: Marina Peters
1st Edition
B08BDSDFR6, 979-8654153418
