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The following lots of a particular commodity were available for sale during the year Beginning Inventory 5 units at $61 First Purchase

The following lots of a particular commodity were available for sale during the year:

                Beginning Inventory                       5 units at $61

                First Purchase                                    15 units at $63

                Second Purchase                             10 units at $74

                Third Purchase                                  10 units at $77

The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. (Hint: you should be able to figure out units sold given this information)

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

Jun 19 2020 View more View Less

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