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

---

Definitions:

Weight Loss

A reduction in body weight, achieved through either diet, exercise, or a combination of both.

Dietitian

One who is trained in dietetics, which includes nutrition, and in charge of the diet of an institution.

Dietetics

The branch of knowledge focused on diet and its effects on health, especially with the practical application of a scientific understanding of nutrition.

Nutrition

The process by which living organisms obtain and process the nutrients needed for growth, maintenance, and energy through the intake and assimilation of food substances.