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  3. the following lots of a particular commodity were

The following lots of a particular commodity were available for sale during the year ...

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Accounting

  1. 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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