What is the amount of the inventory at the end of the year using the LIFO method? For XYZ company, the following lots of a particular commodity were available for sale during the yearunits at $60Beginning inventory 10First purchaseSecond purchase25units at $6530units at $68Third purchase15units at $75The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year.

Name: What is the amount of the inventory at the end of the year using the L
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: What is the amount of the inventory at the end of the year using the LIFO method? For XYZ company, the following lots of a particular commodity were available for sale during the yearunits at $60Beginning inventory 10First purchaseSecond purchase25un

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Answered: What is the amount of the inventory at…

Business

Accounting

What is the amount of the inventory at the end of the year using the LIFO method?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

For XYZ company, the following lots of a particular commodity were available for sale during the year: units at $60 Beginning inventory 10 First purchase Second purchase 25 units at $65 30 units at $68 Third purchase 15 units at $75 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year using the FIFO method? $1,575 O $1,805 O $1,685 $3,585
The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 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 amount of cost of goods sold for the year according to the FIFO method? Oa. $1,375 Ob. $1,250 Oc. $1,510 Od. $1,380 Previous Next
The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 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 amount of cost of goods sold for the year according to the average cost method? Oa. $1,510 Ob. $1,250 Oc. $1,375 Od. $1,380 Previous Next
The following lots of a particular commodity were available for sale during the year: Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 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 amount of cost of merchandise sold for the year according to the FIFO method? Oa. $1,510 Ob. $1,380 Oc. $1,250 Od. $1,375
The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $60 First purchase 25 units at $65 Second purchase 30 units at $68 Third purchase 15 units at $75 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year using the LIFO method? Oa. $1,575 Ob. $3,815 Oc. $1,685 Od. $1,805
The following lots of a particular commodity were available for sale during the year Beginning inventory 11 units at $48.00 First purchase 17 units at $50.00 Second purchase 25 units at $56.00 Third purchase 15 units at $64.00 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 amount of inventory at the end of the year according to the FIFO method? Select the correct answer. $1,408.00 $3,738.00 $1,104.00 $3,715.00
The following lots of Commodity Z were available for sale during the year. Beginning inventory 12 units at $50 First purchase 16 units at $54 Second purchase 23 units at $58 Third purchase 15 units at $64 The firm uses the periodic system, and there are 21 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 FIFO method?
The following lots of a particular commodity were available for sale during the year Beginning inventory 11 units at $52.00 First purchase 18 units at $53.00 Second purchase 21 units at $58.00 Third purchase 17 units at $61.00 The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the FIFO method? Select the correct answer. A. $1,092.00 B. $3,760.00 C. $3,781.00 D. $1,269.00
The following lots of a particular commodity were available for sale during the year: Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 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 amount of cost of merchandise sold for the year according to the average cost method? Oa. )a. $1,250 Ob. $1,375 Oc. $1,510 Od. $1,380
The following lots of a particular commodity were available for sale during the year Beginning inventory 7 units at $52.00 First purchase 19 units at $53.00 Second purchase 51 units at $58.00 Third purchase 13 units at $57.00 The firm uses the periodic system, and there are 24 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the LIFO method? A. $5,070.00 B. $1,248.00 C. $1,265.00 D. $1,379.00
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. 51,296 Od. $5,528
The following lots of Commodity Z were available for sale during the year. Use this information to answer the question. 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. There are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year rounded to nearest dollar according to the average cost method?