Using the FIFO Cost Flow Assumption, What Would Be the Value

question 41

Multiple Choice

Using the FIFO cost flow assumption, what would be the value of inventory at July 31, 2013?

• A)$4,900
• B)$5,600
• C)$5,708
• D)$5,950

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Definitions:

Check Deduction

A payroll or accounting action where a specific amount of money is subtracted directly from an employee's paycheck.

Bank Liability

The legal responsibilities and obligations a bank has towards its customers, such as ensuring the security of deposits and providing accurate account information.

Unauthorized Signatures

Signatures made without the express permission or authority of the person whose signature is required or expected.

Customer Signatures

Signatures of customers, typically collected for verification purposes, authorization, or agreement to terms and conditions.