The following lots of a particular commodity were available for sale during the year: beginning inventory 10 units at $60first purchase 25 units at $65second purchase 30 units at $68third purchase 15 units at $75the firm uses the periodic system and there are 25 units of the commodity on hand at the end of the year. what is the amount of the inventory at the end of the year using the fifo method?
$1,685$1,575$1,805$3,585

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from december 1 through april 30. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?