The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 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 year. What is the year-end inventory balance using the average cost method?A. $1,380.
B. $1,375.
C. $1,510.
D. $1,250.

The answer is $1,380

Explanation:

Beginning. 5 units at $61 -

5 x 61 =$305

First purchase 15 units at $63 -

15 x 63 = $945

Second purchase 10 units at $74 - 10 x 74 = $740

Third purchase 10 units at $77 -

10 x 77 = $770

Total cost of inventory is

$305 + $945 + $740 + $770

=$2,760

Total cost of units:

5 + 15 + 10 + 10

=40 units

its average is

$2,760÷40units

=$69

Therefore, year-end inventory balance using the average cost method is:

$69 x 20

$1,380

the specific actions take by the fed. what the fed was attempting to do by taking these actions. the result of the actions taken by the fed

fractionally backed paper money

fiat money

paper money

metallic money