The following lots of Commodity Z were available for sale during the year. Use this information to answer the questions that follow.
$$\begin{array} { l l }
\text { Beginning inventory } & 10 \text { units at } \$ 30 \
\text { First purchase } & 25 \text { units at } \$ 32 \
\text { Second purchase } & 30 \text { units at } \$ 34 \
\text { Third purchase } & 10 \text { units at } \$ 35
\end{array}$$

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

Question

The following lots of Commodity Z were available for sale during the year. Use this information to answer the questions that follow.
 $$\begin{array} { l l } 
\text { Beginning inventory } & 10 \text { units at } \$ 30 \
\text { First purchase } & 25 \text { units at } \$ 32 \
\text { Second purchase } & 30 \text { units at } \$ 34 \
\text { Third purchase } & 10 \text { units at } \$ 35
\end{array}$$ ​
​
-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 ending inventory balance at the end of the year according to the LIFO method?

Quizplus · Accepted Answer

The Answer of The following lots of Commodity Z were available for sale during the year. Use this information to answer the questions that follow.
 $$\begin{array} { l l } 
\text { Beginning inventory } & 10 \text { units at } \$ 30 \
\text { First purchase } & 25 \text { units at } \$ 32 \
\text { Second purchase } & 30 \text { units at } \$ 34 \
\text { Third purchase } & 10 \text { units at } \$ 35
\end{array}$$ ​
​
-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 ending inventory balance at the end of the year according to the LIFO method?

The Following Lots of Commodity Z Were Available for Sale