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

question 79

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 LIFO method?

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

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Definitions:

Urban Areas

Regions characterized by high human population density and vast human-built features in comparison to the areas surrounding them.

Ratio

A quantitative relationship between two numbers showing the number of times one value contains or is contained within the other.

Atmospheric Layer

A region in the Earth's atmosphere differentiated by characteristics such as temperature and composition, including the troposphere, stratosphere, mesosphere, thermosphere, and exosphere.

Ozone

A molecule composed of three oxygen atoms, significant for its role in absorbing harmful ultraviolet radiation in the Earth's stratosphere.