Question

man/take Assignment/takeAssignment Main doriwokertakeAssignment session Locator progresse false Calculator The following lots of commodity Z were for sale during the year Beginning inventory units 551 First purchase 18 units at $50 Second purchase 51 units at $50 Third purchase 1859 The firm uses the periodic system, and there are 24 units of the commodity on hand at the end of the year what is the ending inventory balance at the end of the year according to the UFO method $5,364 . 51.410 Oc $1,224 $1,240 < Previous 4 Next > 10:41 AM 4 1002 N

Answer 1

i tiven, list of commodity' z' available for sale. - Beginning Toveofory = 8 units @ 51 -> first purbabe = 18 imits @ 52 > second purchase = 51 units @58 → Third purchase = 18 units @59 => given that the firm uses periodic system and there are 24 units at the end of the year. 30, value of Losing Inventory undes LIFO method (8 units X52) + (16 units x 522 Beginning Inventory part of ft purchase 408 + 832 = 1940 Therefore, the ending Inventory baleace at the _ end of year allording to LIFO method=87240 I given, .. - cost of goods sold = $56,900 → Beginning Joventory- $ 6,540 7 Ending Inventory = $ 7950 We have, Joventory Tumovere GBE of goods sold e lovestory 56,9007654078250 56,900/ 6,895 = 8.252 = 8.53 (Approx)