The following lots of Commodity Beginning inventory First purchase Second purchase Third purchase Z were available for sale during the year. 8 units at $49 18 units at $51 51 units at $58 17 units at $58 The firm uses the periodic inventory system, and there are 24 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? O&$1.392 b. $1.176 O $1.200
The following lots of Commodity Beginning inventory First purchase Second purchase Third purchase Z were available for sale during the year. 8 units at $49 18 units at $51 51 units at $58 17 units at $58 The firm uses the periodic inventory system, and there are 24 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? O&$1.392 b. $1.176 O $1.200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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