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

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

Beginning inventory 7 units at $52

First purchase 15 units at $51

Second purchase 50 units at $55

Third purchase 17 units at $65

The firm uses the periodic system, and there are 20 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 LIFO method?

a. $1,270

b. $1,027

c. $1,040

d. $4,984

Reference no: EM133051434

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