Atom Company Just Began Business and Made the Following Four

question 46

Multiple Choice

Atom Company 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 LIFO inventory method, the value of the ending inventory on June 30 is

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

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Definitions:

Demonstrative Legacy

A specific bequest in a will, directing a particular sum of money to be paid out of a specified asset or fund.

Probate

The legal process through which a deceased person's will is validated, and their assets are distributed under the supervision of a court.

Resided

Generally means to live in a particular place, but in a financing context, it is NO.

Trustor

An individual or entity that creates a trust by transferring assets to a trustee, who manages the assets for the benefit of a third party, the beneficiary.