The Following Lots of a Commodity P Were Available for Sale

question 191

Multiple Choice

The following lots of a Commodity P were available for sale during the year. Use this information to answer the questions that follow.
​
​
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 year-end inventory balance using the LIFO method? Use the information provided in the table to answer this question

• A) $1,380
• B) $1,375
• C) $1,510
• D) $1,250

---

Definitions:

Per-hour Wage

The amount of money paid to an employee for each hour of work.

Payroll Tax

Financial obligations placed on employers and workers, regularly computed based on a percentage of the compensation paid to workers.

Per-hour Wage

Compensation paid to an employee based on the number of hours worked.

Payroll Tax

Dues extracted from employers or laborers, usually as a percentage of the salary expenditures.