Use the Information Below to Answer the Following Questions ?
-The Firm Uses the Periodic System, and There Are

question 78

Multiple Choice

Use the information below to answer the following questions.
The following lots of a particular commodity were available for sale during the year:
?
$\begin{array}{ll}\text { Beginning inventory } & 10 \text { units at } \$ 30 \\\text { First purchase } & 25 \text { units at } \$ 32 \\\text { Second purchase } & 30 \text { units at } \$ 34 \\\text { Third purchase } & 10 \text { units at } \$ 35\end{array}$ ?
-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 amount of inventory at the end of the year according to the FIFO method?

• A) $655
• B) $620
• C) $690
• D) $659

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Definitions:

Financial Aid

Monetary support granted to students to help cover education costs, often from colleges, universities, or government bodies.

FAFSA

Free Application for Federal Student Aid; a form used by students to apply for financial aid for college or graduate school.

Sections

Distinct parts into which something is divided or categorized, often used to organize content.

Fifteen Hours

A specific duration of time, amounting to fifteen hours, often used to quantify tasks or activities.