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 amount of cost of goods sold for the year according to the LIFO method?

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
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Chapter10: Inventory
Section: Chapter Questions
Problem 10EA: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...
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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 amount of cost of goods sold for the year according to the LIFO method?

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