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The following lots of Commodity Beginning inventory First purchase Second purchase Third purchase Z were available for sale during the year. 8 units at $49 18 units at $51 51 units at $58 17 units at $58 The firm uses the periodic inventory system, and there are 24 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? O&$1.392 b. $1.176 O $1.200

The following lots of Commodity Beginning inventory First purchase Second purchase Third purchase Z were available for sale during the year. 8 units at $49 18 units at $51 51 units at $58 17 units at $58 The firm uses the periodic inventory system, and there are 24 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? O&$1.392 b. $1.176 O $1.200

FINANCIAL ACCOUNTING
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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The following lots of Commodity Z were available for sale during the year. Beginning inventory 8 units at $49 First purchase 18 units at $51 Second purchase 51 units at $58 Third purchase 17 units at $58 The firm uses the periodic inventory system, and there are 24 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? O&$1.392 Ob. $1,176 O $1.200 d $5,254
Transcribed Image Text:The following lots of Commodity Z were available for sale during the year. Beginning inventory 8 units at $49 First purchase 18 units at $51 Second purchase 51 units at $58 Third purchase 17 units at $58 The firm uses the periodic inventory system, and there are 24 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? O&$1.392 Ob. $1,176 O $1.200 d $5,254
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