Classic Floors Has the Following Inventory Data Assuming That a Perpetual Inventory System Is Used, What Is

question 107

Multiple Choice

Classic Floors has the following inventory data: $$\begin{array} { r l c } \text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 6.00 \\5 & \text { Purchases } & 120 \text { units at } \$ 6.60 \\14 & \text { Sale } & 80 \text { units } \\21 & \text { Purchases } & 60 \text { units at } \$ 7.20 \\30 & \text { Sale } & 56 \text { units }\end{array}$$ Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?

• A)$931.20
• B)$1,404.00
• C)$708.00
• D)$472.80

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Definitions:

Alternatives

Different options or choices available in a given situation.

Monitoring

The regular observation and recording of activities or processes to ensure they are proceeding as expected.

Tactical Plan

A plan that helps to implement all or parts of a strategic plan.

Strategic Plan

A plan that identifies long-term directions for the organization.