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

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Reference no: EM133038001

Problem - 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 $65

Second purchase 30 units at $68

Third purchase 15 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.

Required - What is the amount of the inventory at the end of the year using the LIFO method?

Reference no: EM133038001

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