The following lots of a particular commodity were available for sale during the year: The firm uses the periodic system and there are 25 units of the commodity on hand at the end of the year.
What is the amount of the inventory at the end of the year using the FIFO method?
A) $1,685
B) $1,575
C) $1,805
D) $3,585

Question

The following lots of a particular commodity were available for sale during the year:  The firm uses the periodic system and there are 25 units of the commodity on hand at the end of the year.
What is the amount of the inventory at the end of the year using the FIFO method?
A) $1,685 
B) $1,575 
C) $1,805 
D) $3,585

Quizplus · Accepted Answer

The Answer of The following lots of a particular commodity were available for sale during the year:  The firm uses the periodic system and there are 25 units of the commodity on hand at the end of the year.
What is the amount of the inventory at the end of the year using the FIFO method?
A) $1,685 
B) $1,575 
C) $1,805 
D) $3,585

The Following Lots of a Particular Commodity Were Available for Sale