#6 & #7

se the information below to answer the following questions. The following lots of a particular commodity were available for sale during the year: 5 units at S61 First purchase Second purchase Third purchase 15 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 6. What is the amount of cost of merchandise sold for the year according to the average cost a. $1,380 b. $1,375 c. $1,510 d. $1,250 7. Using the info provided in 6, What is the amount of cost of merchandise sold for the the FIFO method? year according to a. $1,380 b. $1,375 c S1,510 d. S1,250 8. Consider the followirg information taken from the cash account. Assume cash payments were 80 of collections