The following lots of Commodity D were available for sale during the year. Beginning inventory 10 units at $60 First purchase 25 units at $65 Second purchase 30 units at $68 Third purchase 15 units at $75 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year using the FIFO method? a.$1,685 b.$3,585 c.$1,575 d.$1,805

d.$1,805

Explanation:

The computation of the ending inventory using the FIFO method under the periodic system is shown below:

Since there is 25 units given out of which 15 units are taken for $75 and the remaining 10 units are taken for $68

So,

= 15 units ×$75 + 10 units × $68

= $1,125 + $680

= $1,805

Hence, the ending inventory using the FIFO method is $1,805

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