Use the Following Information for Questions Below
K-Tel Industries Had

question 47

Multiple Choice

Use the following information for questions below
K-tel Industries had the following activity with one of its inventory items during the current period:
$$\begin{array}{l}\text { }\\\begin{array} { l l l l } &&\text {units }&\text { unit cost}\\\text { beginning}&\text {inventory }&30&\$8.00\\\text { purchase}&\text {december 5 }&8&10.5\\\text {sale }&\text {december 11 }&(40) \\\text {purchase }&\text {december 17}&60&12.00\\\text {sale }&\text {december 26 }&(70) \\\end{array}\end{array}$$
-Using a perpetual inventory system and the FIFO cost formula,the ending inventory was valued at

• A)$500.
• B)$625.
• C)$720.
• D)$825.

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Definitions:

Disaffirm

The legal act of declaring a contract voidable, renouncing or refusing to recognize an engagement.

Emancipated Minor

A person under the age of majority who is legally granted most adult rights and responsibilities by court order or other means.

Contractual Obligations

Contractual obligations are duties that are legally binding on the parties involved in a contract, requiring them to act or refrain from acting in certain ways.

In Pari Delicto

A legal doctrine meaning "in equal fault," used when both parties are equally at fault in a legal matter.