Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following lots of commodity z were available f

The following lots of Commodity Z were available for sale during the year. Use this...

60.1K

Verified Solution

Question

Accounting

The following lots of Commodity Z were available for sale during the year. Use this information to answer the questions that follow.
Beginning inventory 10 units at $30
First purchase 25 units at $32
Second purchase 30 units at $34
Third purchase 10 units at $35
The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the FIFO method?
Group of answer choices
$655
$659
$620
$690

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Electrical Engineering
1.2K views

Draw an experiment circuit to produce and measure a 5 kA peak lightning impulse current. In...

Accounting
1.2K views

are there any major differences between P & G and European based rivals? What conclusion can...

Accounting
1.2K views

You are part of a team responsible for implementing an activity-based costing system. Some of the...

Geometry
1.2K views

This is a vector wit 8 magnitude

Statistics
1.2K views

Here is data with y as the response variable X 55 1 50 6 83...

Statistics
1.2K views

According to an almanac 70 of adult smokers started smoking before turning 18 years old...

Calculus
1.2K views

Researchers are conducting a survey about what brand of ice cream shoppers prefer They survey...

Calculus
1.2K views

Which of the following is equal to 2x 3x 2x sin 2x 2x sin 3x...

Accounting
1.2K views

Ivanhoe Co. began operations on July 1. It uses a perpetual inventory system. During July,...

Accounting
1.2K views

Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout...

Accounting
1.2K views

Individual taxpayers are limited to using $___ per year of net capital losses as a...

Accounting
1.2K views

Platz company makes chairs. The budgeted selling price is $45 per chair, the variable rate...