Question
The following lots of Commodity Z were available for sale during the year. Beginning inventory 12 units at $49 First purchase 16 units at $53
The following lots of Commodity Z were available for sale during the year.
| Beginning inventory | 12 units at $49 |
| First purchase | 16 units at $53 |
| Second purchase | 21 units at $58 |
| Third purchase | 14 units at $63 |
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 ending inventory balance at the end of the year according to the FIFO method?
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A Guide To Project Auditing
Authors: Association For Project Management
1st Edition
1903494745, 978-1903494745
