The Following Data Applies to a Particular Item of Merchandise

question 54

Multiple Choice

The following data applies to a particular item of merchandise: $\begin{array}{lrr}\text { On hand at start of period } & 300 & \$ 5.10 \\1^{\text {st }} \text { purchase } & 500 & 5.20 \\2^{\text {ndd }} \text { purchase } & 700 & 5.30 \\3^{\text {rd }} \text { purchase } & 600 & 5.50\\\text { Number of units available for sale } & 2,100 \\\text { On hand at end of period } & \underline{500} \\\text { Number of units sold during period } & \underline{1,600}\end{array}$ ? Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the first-in, first-out costing method, the value of the inventory on hand at the end of the period would be

• A) $2,730.
• B) $2,750.
• C) $2,570.
• D) $8,390.

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Definitions:

Pride

A feeling of satisfaction derived from one's own achievements, the achievements of those with whom one is closely associated, or from qualities or possessions that are widely admired.

Shame

A painful feeling arising from the consciousness of something dishonorable or improper done by oneself or another.

Pride

A feeling of satisfaction and self-respect that comes from one's achievements, qualities, or possessions, which can also reflect a community's esteem.