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    Mary_587's Avatar
    Mary_587 Posts: 10, Reputation: 1
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    #1

    Dec 11, 2006, 01:30 PM
    First -in first out (fifo)
    The following lots of a particular commodity were available for sale during the year:
    Beginning inventory... 10 units at $61
    First purchase... 25 units at $63
    Second purchase... 30 units at $64
    Third purchase... 15 units at $73
    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?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Dec 11, 2006, 03:50 PM
    15 units at $73 and
    5 units at $64

    1,095 + 320 = $1,415
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