ElecTech Industries Had in Inventory Two Transformers,one Purchased in February

question 107

Multiple Choice

ElecTech Industries had in inventory two transformers,one purchased in February for $11,800 and the other acquired in September for $13,300.In December,they sold one of the transformers to Ram Enterprises for $16,400 and reported a gross margin of $3,100.Tiger Industries evidently uses the ________ inventory valuation method.

• A)FIFO
• B)LIFO
• C)average
• D)flexplus

---

Definitions:

Commission Calculation

The process of determining the fee paid to a salesperson or agent for services rendered, typically a percentage of the sale price.

Linear Equation

A mathematical equation consisting of terms that are either constants or products of a constant multiplied by a single variable.

Linear Equations

Mathematical statements that show the relationship between two variables using a straight line when plotted on a graph.

Linear Equation

An algebraic equation in which each term is either a constant or the product of a constant and a single variable.