The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $48 First purchase 19 units at $51 Second purchase 55 units at $55 Third purchase 17 units at $62 The firm uses the periodic system, and there are 27 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 LIFO method? Oa. $1,347 Ob. $1,604 C1.296

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The following lots of Commodity Z were available for sale during the year.
Beginning inventory
10 units at $48
First purchase
19 units at $51
Second purchase
55 units at $55
Third purchase
17 units at $62
The firm uses the periodic system, and there are 27 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 LIFO method?
Oa. $1,347
Ob. $1,604
Oc. S1,296
Od. S5,528
Transcribed Image Text:The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $48 First purchase 19 units at $51 Second purchase 55 units at $55 Third purchase 17 units at $62 The firm uses the periodic system, and there are 27 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 LIFO method? Oa. $1,347 Ob. $1,604 Oc. S1,296 Od. S5,528
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