The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $50 First purchase 25 units at $55 Second purchase 30 units at $60 Third purchase 15 units at $65 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?
A) $1,250
B) $1,150
C) $1,275
D) $1,050
C
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Best Deals, Inc. has 13 units in ending merchandise inventory on December 31. The units were purchased in November for $155 each. The price lists from suppliers indicate the current replacement cost of the item to be $161 each What would be the amount reported as Merchandise Inventory on the balance sheet?
A) $2,015 B) $4,108 C) $316 D) $2,093