Use the Following Information for Questions
Kiner Co -The Value Assigned to Ending Inventory If Kiner Uses LIFO

question 6

Multiple Choice

Use the following information for questions
Kiner Co.has the following data related to an item of inventory: $\begin{array}{lc}\text { Inventory, March } 1 & 100 \text { units } @ \$ 4.20 \\\text { Purchase, March } 7 & 350 \text { units } @ \$ 4.40 \\\text { Purchase, March } 16 & 70 \text { units } @\$ 4.50 \\\text { Inventory, March } 31 & 130 \text { units }\end{array}$
-The value assigned to ending inventory if Kiner uses LIFO is

• A)$579.
• B)$552.
• C)$546.
• D)$585.

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Definitions:

Fictitious Payee Rule

A legal principle stating that if a negotiable instrument is issued to a fictitious payee, it may be treated as payable to bearer, affecting endorsement requirements.

Imposter Rule

A rule that holds that if one obtains a negotiable instrument by impersonating another and endorses it with the impersonated party’s signature, the loss falls on the drawer of the instrument.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify transactions across state lines.

Proper Presentment

The correct or formal presentation of a document for acceptance or payment, such as a check.