Waiting for answer This question has not been answered yet. You can hire a professional tutor to get the answer.
The following lots of a particular commodity were available for sale during the year.
The following lots of a particular commodity were available for sale during the year.
Beginning inventory 10 units at $65
First purchase 25 units at $70
Second purchase 30 units at $75
Third purchase 10 units at $80
The firm uses the periodic inventory system and there are 20 units of the commodity on hand at the end of the year.
A.What is the amount of inventory at the end of the year according to the FIFO method?
B. What is the amount of inventory at the end of year according to the LIFO method?
C. What is the amount of inventory at the end of year according to the average cost method?
