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 year-end inventory balance using the FIFO method? a. $1,375 b. $1,380 c. $1,250 d. $1,510
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 year-end inventory balance using the FIFO method? a. $1,375 b. $1,380 c. $1,250 d. $1,510
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
ChapterCSR: Contents Of Student Resources
Section: Chapter Questions
Problem 7.29EP
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Question
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 year-end inventory balance using the FIFO method?
a. $1,375
b. $1,380
c. $1,250
d. $1,510
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