Jones Company Has the Following Data Available If Jones Company Uses a Perpetual LIFO Inventory System, the c

question 85

Multiple Choice

Jones Company has the following data available: $$\begin{array} { l c c c } \text { Transaction } & \text { Units Purchased } & \text { Unit Cost } & \text { Units Sold } \\\text { Beginning Inventory } & 850 & \$ 30 & \\\text { Oct. 1 Purchase } & 325 & 32 & \\\text { Oct. 10 Sale } & & & 425 \\\text { Oct. 14 Purchase } & 450 & 36 & \\\text { Oct. 20 Sale } & & & 600 \\\text { Oct. 22 Purchase } & 400 & 37 & \\\text { Oct. 29 Sale } & & & 500\end{array}$$
If Jones Company uses a perpetual LIFO inventory system, the cost of ending inventory on October 31 is ________.

• A) $14,800
• B) $18,500
• C) $15,000
• D) $66,900

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Definitions:

Fetus

Developing human from about 9 weeks until birth.

Pregnancy

The condition of having a developing embryo or fetus in the body, typically in the womb, that results after fertilization of an egg by a sperm.

Midpiece

The segment of a spermatozoon between the head and the tail, containing mitochondria to power movement.

Meiosis

Nuclear division process required for sexual reproduction. Two nuclear divisions, meiosis I and II, halve the chromosome number for forthcoming gametes.