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

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ABC Inc. reports the following lots of a particular commodity as available for sale during the year:

Beginning inventory 20 units at $2,500/unit

First purchase 20 units at $3,000/unit

Second purchase 30 units at $3,500/unit

Third purchase 20 units at $4,000/unit

Problem 1: There are 25 units of the commodity on hand at the end of the year. What is the dollar amount of inventory at the end of the year according to the last-in, first-out (LIFO) method?

Reference no: EM132697851

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