Quark Inc Just Began Business and Made the Following Four Inventory

question 138

Multiple Choice

Quark Inc. just began business and made the following four inventory purchases in June: $\begin{array}{lrlr}\text { June } & 1 & 150 \text { units } & \$ 990 \\\text { June } & 10 & 200 \text { units } & 1,344 \\\text { June } & 15 & 200 \text { units } & 1,368 \\\text { June } & 28 & 150 \text { units } & 1,062\\&&&\$4,764\end{array}$ A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is

• A)$1,326.
• B)$1,320.
• C)$1,404.
• D)$1,416.

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Definitions:

Import Reduction Acts

Legislation designed to decrease the importation of goods into a country to protect domestic industries.

Trade Protection

Policies that limit imports.

Beef Consumption

The amount of beef eaten by individuals or populations over a certain period.

Growing Season

The period of the year during which climatic conditions are favorable for the growth of vegetation and crops.