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

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Reference no: EM133059150

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

Beginning inventory 12 units at $52

First purchase 17 units at $52

Second purchase 24 units at $57

Third purchase 15 units at $63

The firm uses the periodic system, and there are 26 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?

Reference no: EM133059150

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