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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 8 units at $52.00
First purchase 15 units at $50.00
Second purchase 53 units at $56.00
Third purchase 18 units at $57.00

The firm uses the periodic system, and there are 21 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.

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