The following lots of Commodity Z were avcilable for sale during the year. Beginning inventory 10 units at $30 First purchase 25 units at $32 Second purchase 30 units at $34 Third purchase 10 units at $35 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 ending inventory according to the FIFO method? Qa. $659 Ob. $655 Oc. $620 Od. $690

The following lots of Commodity Z were avcilable for sale during the year. Beginning inventory 10 units at $30 First purchase 25 units at $32 Second purchase 30 units at $34 Third purchase 10 units at $35 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 ending inventory according to the FIFO method? Qa. $659 Ob. $655 Oc. $620 Od. $690

Name: The following lots of Commodity Z were avzilable for sale during the
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Description: The following lots of Commodity Z were avzilable for sale during the year.Beginning inventory10 units at $30First purchase25 units at $32Second purchase30 units at $34Third purchase10 units at $35The firm uses the periodic system, and there are 20 u

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 20 units at $41 Sale 16 units at $59 First purchase 33 units at $44 Sale 24 units at $61 Second purchase 25 units at $47 Sale 23 units at $62 The firm uses the perpetual ihventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
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