Points out of 1.00 F Flag question The following lots of a particular commodity

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Points out of 1.00 F Flag question The following lots of a particular commodity were available for sale during the year ginning inventory First purchase Second purchase Third purchase The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year What is the amount of inventory at the end of the year using the FIFO method? 10 units at $60 5 units at $65 0 units at $68 15 units at $75 Select one a, $1,685 O b. $3.585 e c $1,805 O d. $1,575 Question 5 Not yet answered out of 1.00

Explanation / Answer

SOLUTION

The amount of ending inventory = $1,805

Amount of inventory = (10 units * $68) + (15 units * $75)

= $680 + $1,125

= $1,805

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