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The Following Lots of a Particular Commodity Were Available for Sale

Question 53

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The following lots of a particular commodity were available for sale during the year:
The following lots of a particular commodity were available for sale during the year: 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) $1,380 B) $1,375 C) $1,510 D) $1,250
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) $1,380
B) $1,375
C) $1,510
D) $1,250

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