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Find what is the ending inventory balance at end of the year

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Reference no: EM132945288

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

Beginning inventory8 units at $51

First purchase17 units at $50

Second purchase24 units at $26

Third purchase18 units at $65

Problem 1: The firm uses the periodic system, and there are 22 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations.

a. $1,108

b. $1,274

c. $1,122

d. $1,002

Reference no: EM132945288

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