Use the Following Information for Questions:
Berenger Industries Had the Following

question 41

Multiple Choice

Use the following information for questions:
Berenger Industries had the following activity with one of its inventory items during the current period: $\begin{array}{llrr}&\text { Units } & \text {Unit Cost }\\\hline\text { Beginning inventory } & 30 & \$ 8.00 \\\text { Purchase } & \text { October 5 } & 80 & 10.50 \\\text { Sale } & \text { October 11 } & (40) & \\\text { Purchase } & \text { October 17 } & 60 & 12.00 \\\text { Sale } & \text { October 26 } & (70) &\end{array}$
-Using a perpetual inventory system and the FIFO cost flow assumption, the ending inventory was valued at:

• A)$500
• B)$625
• C)$720
• D)$825

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Definitions:

Lump Sum

A lump sum is a single payment of money, as opposed to making payments over time in installments.

Interest Rate

The portion of a loan that accrues interest, regularly described as an annual percentage of the loan’s remaining debt.

Quarterly Savings

Savings accumulated over a quarter (three months), often as a result of budgeting or reducing expenses.