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 $50 Second purchase 24 units at $28 Third purchase 15 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.$1,017 b.$1,124 c.$1,127 d.$1,140

Q: The following lots of a particular commodity were available for sale during the year Beginning…

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A:

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A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

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A: Given,

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A:

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A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.