What is the ending inventory balance at the end of the year

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Reference no: EM132658333

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

Beginning inventory 9 units at $50

First purchase 17 units at $50

Second purchase 21 units at $56

Third purchase 19 units at $62

The firm uses the periodic system, and there are 21 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 FIFO method?

a. $3,654

b. $1,290

c. $3,633

d. $1,050

Reference no: EM132658333

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