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?
A) $1,380
B) $1,375
C) $1,510
D) $1,250

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 cost of goods sold for the year according to the LIFO method?
A) $1,380 
B) $1,375 
C) $1,510 
D) $1,250

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 cost of goods sold for the year according to the LIFO method?
A) $1,380 
B) $1,375 
C) $1,510 
D) $1,250

The Following Lots of a Particular Commodity Were Available for Sale