Accounting Question2:?

Question

50. The following lots of a particular commodity were available for sale during the year:

Beginning inventory

10 units at $60

First purchase

25 units at $63

Second purchase

30 units at $64

Third purchase

15 units at $70

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 amount of inventory at the end of the year according to the last-in, first-out method? (Points: 4)

       $1,230

       $1,220

       $1,240

       $1,340

Answer 1

Qn 50

Beginning inventory 10 units at $60

First purchase 25 units at $63

Second purchase 30 units at $64

Third purchase 15 units at $70

Using LIFO, cost of 20 units = 10 x $60 plus 10 x $63 = $1,230

Answer 2

honestly if you couldn't figure it out in less time than it took to type the question, you might as well choose another career.