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:
Labor Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, reflecting how efficiently labor resources are used.
Skilled Workers
Individuals who possess specialized training, expertise, or significant experience in a particular field or job.
Hourly Rates
The cost or pay rate allocated per hour of labor or service provided.
Materials Price Variance
The difference between the actual cost of materials used in production and the standard cost, used to assess cost control.
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