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The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 10 units at $52 First purchase 17 units at $50 Second purchase 53 units at $55 Third purchase 17 units at $64 The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. $1,270 b. $5,373 c. $1,300 d. $1,528

The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 10 units at $52 First purchase 17 units at $50 Second purchase 53 units at $55 Third purchase 17 units at $64 The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. $1,270 b. $5,373 c. $1,300 d. $1,528

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 4MC
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The following lots of Commodity Z were available for sale during the year.

Line Item Description Units and Cost
Beginning inventory 10 units at $52
First purchase 17 units at $50
Second purchase 53 units at $55
Third purchase 17 units at $64

The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year.

What is the ending inventory balance of Commodity Z using LIFO?

a. $1,270
b. $5,373
c. $1,300
d. $1,528
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