[janasty]

Beginning inventory 10 @ $30
First purchase 25 @ $32
Second Purchase 30 @$34
Third Purchase 10 @ $35

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 last in,first out method?

a. 655
b. 620
c. 690
d. 659

[pready]

Based on LIFO your ending inventory will consist of 10 units of your beginning inventory and 10 units of your first purchase.