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What is the amount of the inventory at the end of the year

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Reference no: EM132572603

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

Beginning inventory5 units at $61

First purchase15 units at $63

Second purchase10 units at $74

Third purchase10 units at $77

?The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year.

?Question 1: What is the amount of cost of good sold for the year according to the average cost method?

a.$1,375

b.$1,510

c.$1,380

d.$1,250

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

Beginning inventory10 units at $60

First purchase25 units at $65

Second purchase30 units at $68

Third purchase15 units at $75

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

Question 2: What is the amount of the inventory at the end of the year rounded to nearest dollar using the average cost method?

a.$1,575

b.$1,805

c.$3,705

d.$1,685

The following units of an inventory item were available for sale during the year:

Beginning inventory10 units at $55

First purchase25 units at $60Second purchase30 units at $6

Third purchase15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold.

?Question 3: The value of ending inventory using LIFO is

?a.$1,350

b.$1,375

c.$1,250

d.$1,150

Reference no: EM132572603

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