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 $49 |
| First purchase | 18 units at $54 |
| Second purchase | 25 units at $20 |
| Third purchase | 13 units at $60 |
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 ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations.
a.$980
b.$1,127
c.$956
d.$1,192
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