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

question 201

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 LIFO method??

• A) $1,685
• B) $1,575
• C) $1,805
• D) $3,815

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