The Following Data Applies to a Particular Item of Merchandise

question 58

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 last-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) $8,570.

---

Definitions:

Conditional Indorsement

A stipulation placed on a negotiable instrument (like a check) that modifies the way the instrument is to be redeemed.

Blank Indorsement

A signature by the holder on the back of a negotiable instrument, such as a check, without specifying a particular endorsee, allowing any holder to claim the funds.

Special Indorsement

A legal endorsement on a negotiable financial instrument that specifies the person to whom the instrument is payable.

Restrictive

Pertains to conditions or rules that limit or control something, often used in legal and regulatory contexts.