Question

The following lots of Commodity D were available for sale during the year. Use this information to answer the question. Beginning inventory 10 units at $60 First purchase 25 units at $65 Second purchase 30 units at $68 Third purchase 15 units at $75 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year using the LIFO method?

Answer 1

Answer:10@$65=$650

15@$65=$975

...... Total =. 1625

Step-by-step explanation:

Since the stock records are kept on periodic base that's at irregular interval on LIFO it's assumed that the. closing stock of inventory will be the opening stock since purchases were made during the year for production.