The Following Lots of a Particular Commodity Were Available for Sale

The following lots of a particular commodity were available for sale during the year: $\begin{array}{ll}\text { Beginning inventory } & 10 \text { units at } \$ 60 \\\text { First purchase } & 25 \text { units at } \$ 65 \\\text { Second purchase } & 30 \text { units at } \$ 68 \\\text { Third purchase } & 15 \text { units at } \$ 75\end{array}$ 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 the inventory at the end of the year using the LIFO method?

A) $1,685
B) $1,575
C) $1,805
D) $3,815

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free