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 cost of goods sold for the year according to the LIFO method?
Definitions:
Ordinary Annuity
An annuity where the payment or receipt occurs at the end of each period, such as bonds or leases that make consistent payments.
Interest Rate
The price paid for borrowing money, typically expressed as a percentage rate over a period of time.
Present Value
The current value of a future sum of money or stream of cash flows given a specified rate of return.
Pure Market Capitalism
An economic system where all productive resources are owned and controlled by private individuals and businesses, with all economic decisions made through the market.
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