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. Beginning...

50.1K

Verified Solution

Question

Accounting

The following lots of Commodity Z were available for sale during the year.
Beginning inventory
First purchase
Second purchase
Third purchase
11 units at $51
17 units at $53
24 units at $56
15 units at $62
The firm uses the periodic system, and there are 26 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?
a. $1,546
b. $3,736
c. $1,326
d. $3,710
image

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

Physics
1.2K views

A ball with mass mis attached to the end of a rod of mass M...

Geometry
1.2K views

7 AHGFALKJ 18 F 36 24 H 8 G S 70 55 132 E 60...

Basic Math
1.2K views

Use a suitable linearization to find an approximate value of sin(36) = - sin(?/5)as...

Algebra
1.2K views

About how far offshore does the continental shelf on the Atlantic Coast extend a 400...

Algebra
1.2K views

Suppose that y varies inversely as the 4th power of x and that y 25...

Accounting
1.2K views

The following financial statements and additional information are reported. ...

Accounting
1.2K views

A sample of people were asked if they use online shopping regularly, and the...

Accounting
1.2K views

All of the following are reported as current liabilities except O a. Unearned revenues O...

Accounting
1.2K views

On January 1, 2021, Ravetch Corporations projected benefit obligation was $55 million. During 2021, pension...

Accounting
1.2K views

Which control reduces the risk of theft or fraudulent distribution of paychecks? A....

Accounting
1.2K views

Variable Overhead Spending and Efficiency Variances, Columnar and Formula Approaches Aretha Company provided the following...

Finance
1.2K views

QUESTION 15 Your portiolio is invested 2ak each in stock NOTE: Enter the PERCENTAGE number...