The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 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 year-end inventory balance using the FIFO method? a. $1,375 b. $1,380 c. $1,250 d. $1,510

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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The following lots of a Commodity P were available for sale during the year.

Beginning inventory 5 units at $61
First purchase 15 units at $63
Second purchase 10 units at $74
Third purchase 10 units at $77

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 year-end inventory balance using the FIFO method?

a. $1,375
b. $1,380
c. $1,250
d. $1,510
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