Belle Co Has Beginning Inventory of 12 Sets of Paints at at a Cost

question 16

Multiple Choice

Belle Co. has beginning inventory of 12 sets of paints at a cost of $1.50 each. During the year, the store purchased 7 at $3.00, 8 at $3.25, and 12 at $3.50. By the end of the year 31 sets were sold. Using the LIFO method, the cost of ending inventory is:

• A)$28.00
• B)$12.00
• C)$21.00
• D)$3.50
• E)None of these

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Definitions:

Homo Erectus

An extinct species of early human that lived throughout Africa, Asia, and Europe between approximately 1.9 million and 143,000 years ago, known for its upright posture.

Toolmakers

Beings (often humans) who create, modify, or use tools, enhancing their ability to interact with and manipulate their environment.

Scavenging

The act of searching for and collecting food or resources by animals, including humans, from waste or dead organisms.