A Firm That Sells a Single Product Had a Beginning

question 37

Multiple Choice

A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $16,000.Early in the year,8,000 units were purchased at $6 each.Using LIFO,what is the value of the ending inventory of 2,000 units?

• A) $12,000
• B) $10,000
• C) $8,000
• D) $24,000

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Definitions:

Cold

A common viral infection of the upper respiratory tract that affects the nose, throat, and sinuses, characterized by sneezing, sore throat, and coughing.

Menstrual Cramping

Painful sensations felt in the lower abdomen that can occur before or during a menstrual period.

Cold Therapy

The use of cold temperatures in medical treatment to reduce pain, inflammation, and muscle spasm.

Circulatory Insufficiency

A condition where the circulatory system fails to supply adequate blood flow to the body's tissues, potentially causing organ damage.