Answered>Order 1955

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

Beginning inventory      10 units at $65

First purchase               25 units at $70

Second purchase        30 units at $75 

Third purchase              10 units at $80 

 The firm uses the periodic inventory system and there are 20 units of the commodity on hand at the end of the year.

A.What is the amount of inventory at the end of the year according to the FIFO method? 

B. What is the amount of inventory at the end of year according to the LIFO method?

C. What is the amount of inventory at the end of year according to the average cost method?