A Company Has Inventory of 15 Units at a Cost

question 105

Multiple Choice

A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, they purchased 10 units at $13 per unit. On August 12, they purchased 20 units at $14 per unit. On August 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at August 15 after the sale?

• A)$140
• B)$160
• C)$210
• D)$380
• E)$590

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Definitions:

Physiologist

A scientist who studies the functions and mechanisms of the human or animal body, focusing on how organs and systems work together to respond to challenges and maintain health.

Physician

A professional who practices medicine, which involves diagnosing, treating, and preventing diseases and disorders.

Digestion

The process by which food is broken down into smaller components that can be absorbed into the bloodstream.

Memory Processes

The procedures involved in encoding, storing, and retrieving information in the brain.