Use the Information Below to Answer the Following Questions The Firm Uses the Periodic System, and There Are 25

question 8

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:
$\begin{array}{ll}\text { Beginning inventory } & 10 \text { units at } \$ 60 \\\text { First purchase } & 25 \text { units at } \$ 65 \\\text { Second purchase } & 30 \text { units at } \$ 68 \\\text { Third purchase } & 15 \text { units at } \$ 75\end{array}$ 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 inventory at the end of the year using the FIFO method??

• A) $1,685
• B) $1,575
• C) $1,805
• D) $3,585

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