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Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year: Beginning inventory
Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year: Beginning inventory First purchase 10 units at $60 25 units at $65 30 units at $68 15 units at $75 Second purchase Third purchase The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year using the FIFO method? a. $3,585 b. $1,805 c. $1,685 d. $1,575
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