38. The following lots of a Commodity P were available for sale during the year. Use...

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38. The following lots of a Commodity P were available for sale during the year. Use this information to answer the questions that follow, Beginning inventory First purchase Second purchase Third purchase S units at $61 IS units at $63 10 units at $74 10 units at $77 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 cost of goods sold for the year according to the LIFO method? a S1,380 b. $1,375 C $1,510 d. $1,250 38. The following lots of a Commodity P were available for sale during the year. Use this information to answer the questions that follow, Beginning inventory First purchase Second purchase Third purchase S units at $61 IS units at $63 10 units at $74 10 units at $77 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 cost of goods sold for the year according to the LIFO method? a S1,380 b. $1,375 C $1,510 d. $1,250

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Correct Option A ie 1380 Caluclation of Ave... View the full answer