FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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What is the amount of the inventory at the end of the year using the LIFO method?
Transcribed Image Text: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.
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