Netta Shutters Has the Following Inventory Information

question 130

Multiple Choice

Netta Shutters has the following inventory information. A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Assume a periodic inventory system is used. Ending inventory under LIFO is

• A) $738.
• B) $792.
• C) $1,740.
• D) $1,794.

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Definitions:

Market Value

The prevailing market price for acquiring or disposing of an asset or service.

Par Value

The nominal or face value of a bond, share of stock, or coupon as stated by the issuer, which may not reflect the market value.

Net Loss

The amount by which total expenses exceed total revenues for a business, indicating a negative financial performance for a specific period.

Common Stock

A type of equity security that represents ownership in a corporation, granting holders voting rights and a share in the company’s profits through dividends.