The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 10 units at $52 First purchase 17 units at $50 Second purchase 53 units at $55 Third purchase 17 units at $64 The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. $1,270 b. $5,373 c. $1,300 d. $1,528
The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 10 units at $52 First purchase 17 units at $50 Second purchase 53 units at $55 Third purchase 17 units at $64 The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. $1,270 b. $5,373 c. $1,300 d. $1,528
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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Question
The following lots of Commodity Z were available for sale during the year.
| Line Item Description | Units and Cost |
|---|---|
| Beginning inventory | 10 units at $52 |
| First purchase | 17 units at $50 |
| Second purchase | 53 units at $55 |
| Third purchase | 17 units at $64 |
The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year.
What is the ending inventory balance of Commodity Z using LIFO?
a. $1,270
b. $5,373
c. $1,300
d. $1,528
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