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 average cost method?
Definitions:
Inventory Value
The sum of the market value or total cost of all products and goods that a company has in stock for the purpose of selling.
Blenders
Kitchen appliances used for mixing, pureeing, or emulsifying food and other substances.
LIFO Method
An accounting method that records the last items added to inventory as the first items sold.
Ending Inventory
Refers to the value of goods available for sale at the end of an accounting period.
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