Question: Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The

Beginning inventory 10 units at $55

First purchase 25 units at $60

Second purchase 30 units at $65

Third purchase 15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold.

23. The value of ending inventory using FIFO is

a. $1,250

b. $1,350

c. $1,375

d. $1,150

24. The value of ending inventory using LIFO is

a. $1,250

b. $1,350

c. $1,375

d. $1,150

25. The value of ending inventory rounded to nearest dollar using average cost is:

a. $1,353

b. $1,263

c. $1,375

d. $1,150

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