Graham Company Uses a Periodic Inventory System

question 69

Multiple Choice

Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2014 are as follows: An end of the month (1/31/14) inventory showed that 120 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

• A) $520
• B) $600
• C) $656
• D) $1,424

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Definitions:

Propaganda Model

The assertion that media companies, as businesses, will transmit content that reflects their commercial interests.

Privileged Classes

Social groups granted special advantages or benefits by virtue of their position in the social hierarchy.

Mainstream Media

Traditional forms of mass communication, such as television, newspapers, and radio, considered to reach and be accepted by the largest audience.

Corporate Interests

The objectives, agendas, or motivations of businesses and corporations, often aimed at maximizing profit, expanding market share, and influencing policy and regulation.