Use the information below to answer the following questions 1-3. The following lots of a particular...

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Use the information below to answer the following questions 1-3. The following lots of a particular commodity were available for sale during the year: Beginning inventory First purchase Second purchase Third purchase 20 units at $50 30 units at $52 20 units at $54 15 units at $56 1. The firm uses the periodic system, and there are 30 units of the commodity on hand at the end of the year (end inventory). What is the amount of inventory in stock at the end of the year according to the FIFO Method? a. $1,480 b. $1,520 c. $1,582 d. $1,650 2. The firm uses the periodic system, and there are 30 units of the commodity on hand at the end of the year. What is the amount of inventory in stock at the end of the year according to the LIFO Method? a. $1,520 b. $1,500 c. $1,480 d. $1,650 3. The firm uses the periodic system, and there are 30 units of the commodity on hand at the end of the year. What is the amount of inventory in stock at the end of the year rounded to the nearest dollar according to the Average Cost Method? a. $1,560 b. $1,480 c. $1,582 d. $1,650 Use the information below to answer the following questions 1-3. The following lots of a particular commodity were available for sale during the year: Beginning inventory First purchase Second purchase Third purchase 20 units at $50 30 units at $52 20 units at $54 15 units at $56 1. The firm uses the periodic system, and there are 30 units of the commodity on hand at the end of the year (end inventory). What is the amount of inventory in stock at the end of the year according to the FIFO Method? a. $1,480 b. $1,520 c. $1,582 d. $1,650 2. The firm uses the periodic system, and there are 30 units of the commodity on hand at the end of the year. What is the amount of inventory in stock at the end of the year according to the LIFO Method? a. $1,520 b. $1,500 c. $1,480 d. $1,650 3. The firm uses the periodic system, and there are 30 units of the commodity on hand at the end of the year. What is the amount of inventory in stock at the end of the year rounded to the nearest dollar according to the Average Cost Method? a. $1,560 b. $1,480 c. $1,582 d. $1,650