The Following Lots of Commodity Z Were Available for Sale

question 11

Multiple Choice

The following lots of Commodity Z were available for sale during the year. Use this information to answer the questions that follow.
$$\begin{array} { l l } \text { Beginning inventory } & 10 \text { units at } \$ 30 \\\text { First purchase } & 25 \text { units at } \$ 32 \\\text { Second purchase } & 30 \text { units at } \$ 34 \\\text { Third purchase } & 10 \text { units at } \$ 35\end{array}$$ ​
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-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 ending inventory balance at the end of the year according to the LIFO method?

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

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Business Event

An occurrence or activity organized by a company or organization, usually with a specific purpose related to its operations, networking, or marketing.

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Enterprise Resource Planning, a type of software used by organizations to manage and integrate important parts of their businesses.

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