The following lots of a particular commodity were available for sale during the year: 
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 FIFO method?
Definitions:
Units-Of-Output Method
A depreciation calculation method that spreads the cost of an asset over its useful output or units produced.
Depreciation Expense
The allocated amount of an asset's initial cost over its useful life to account for its decrease in value.
Operating Hours
The scheduled or actual hours during which a business is open to conduct operations or provide services to customers.
Double-Declining-Balance Rate
A method of accelerated depreciation that applies a constant rate, which is double the straight-line rate, to the declining book value of an asset each year.
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