Sassy Saxophones Has the Following Inventory Data Assuming That a Periodic Inventory System Is Used, What Is

question 171

Multiple Choice

Sassy Saxophones has the following inventory data: $$\begin{array} { r l l } \text { July } 1 & \text { Beginning inventory } & 50 \text { units at } \$ 120 \\5 & \text { Purchases } & 300 \text { units at } \$ 112 \\14 & \text { Sale } & 200 \text { units } \\21 & \text { Purchases } & 150 \text { units at } \$ 115 \\30 & \text { Sale } & 140 \text { units }\end{array}$$ Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?

• A)$18,320
• B)$18,370
• C)$38,480
• D)$38,530

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Definitions:

Foreign Competition

The presence and influence of international companies in a domestic market, which can affect local businesses.

Foreign Wages

This refers to the rates of pay for workers in countries other than the home country, significant in discussions of outsourcing, labor markets, and international competitiveness.

U.S. Workers

Individuals working in the United States, encompassing all sectors and types of employment.

Tariff Revenues

The income generated by a government through the imposition of tariffs, which are taxes on imported goods.