The Following Lots of a Particular Commodity Were Available for Sale

question 101

Multiple Choice

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 the 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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Definitions:

Battery

The intentional and offensive touching of another without lawful justification beyond a reasonable doubt. The standard used to determine the guilt or innocence of a person charged with a crime. To be guilty of a crime, a suspect must be proved guilty beyond and to the exclusion of every reasonable doubt.

Elements

Fundamental components or parts that together form a whole, often used in contexts such as scientific elements or legal requirements for proving a case.

Tort

An act that is wrongful under civil law, leading to harm or loss for another individual, which results in the perpetrator being legally responsible.

Classification

The process of arranging or categorizing items into different groups based on shared qualities or characteristics.