What ending inventory balance at end of year under lifo

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Reference no: EM132658338

The following lots of Commodity 2 were available for sale during the year.

Beginning inventory 8 units at $49

First purchase 19 units at $54

Second purchase 55 units at $58

Third purchase 16 units at $59

The ?rm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year.

Problem 1: What is the ending inventory balance at the end of the year according to the LIFO method?

a. $1,455

b. $1,225

c. $5,552

d. $1,310

Reference no: EM132658338

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