Kingman Company Had 400 Units of "Dink" in Its Inventory

question 4

Multiple Choice

Kingman Company had 400 units of "Dink" in its inventory at a cost of $6 each.It purchased 600 more units of "Dink" at a cost of $9 each.Kingman then sold 700 units at a selling price of $15 each.The LIFO liquidation overstated normal gross profit by

• A)$ -0-
• B)$300.
• C)$600.
• D)$900.

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Definitions:

Inequality

A mathematical sentence indicating that two expressions are not equal, using symbols such as <, >, ≤, or ≥.

Solve

The process of finding the value(s) of variable(s) that satisfy an equation, inequality, or system of equations.

Inequality

A mathematical relation that shows how two values are not equal, using symbols such as <, >, ≤, or ≥.

Graph

A chart that displays the network of links or associations between two or more items through various unique symbols like dots, lines, and bars.