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 first-in, first-out method?
A) $1200
B) $1230
C) $1370
D) $1400

Question

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 first-in, first-out method?
A) $1200 
B) $1230 
C) $1370 
D) $1400

Quizplus · Accepted Answer

The Answer of 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 first-in, first-out method?
A) $1200 
B) $1230 
C) $1370 
D) $1400

The Following Lots of a Particular Commodity Were Available for Sale