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19-03-2024
Mathematics

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The following lots of Commodity Z were available for sale during the year.

Beginning inventory 10 units at $30
First purchase 25 units at $32
Second purchase 30 units at $34
Third purchase 10 units at $35

The firm uses the periodic inventory system, and there are 20 units of the commodity on hand at the end of the year.

What is the ending inventory balance of Commodity Z using LIFO?

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