The following lots of a particular commodity were available for sale during the year ...
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Accounting
The following lots of a particular commodity were available for sale during the year
Beginning inventory
10 units at $50.00
First purchase
15 units at $54.00
Second purchase
51 units at $55.00
Third purchase
19 units at $59.00
The firm uses the periodic system, and there are 23 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.
$1,150.00
$1,202.00
$1,341.00
$5,236.00
2.
The following lots of a particular commodity were available for sale during the year
Beginning inventory
9 units at $51.00
First purchase
16 units at $55.00
Second purchase
22 units at $58.00
Third purchase
19 units at $60.00
The firm uses the periodic system, and there are 27 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 FIFO method?
Select the correct answer.
$1,604.00
$3,728.00
$1,377.00
$3,755.00
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