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

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Reference no: EM133051430

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

Beginning inventory 10 units at $50

First purchase 15 units at $50

Second purchase 20 units at $56

Third purchase 15 units at $59

The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the FIFO method?

a. $1,350

b. $1,557

c. $3,228

d. $3,255

Reference no: EM133051430

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