FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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The following lots of Commodity Z were available for sale during the year.

Beginning inventory 10 units at $49
First purchase 17 units at $51
Second purchase 23 units at $56
Third purchase 17 units at $63

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 ending inventory balance at the end of the year according to the FIFO method?

a.$1,176
b.$3,692
c.$3,716
d.$1,463
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