Graham Company Uses a Periodic Inventory System

question 21

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. How many units did the company sell during January 2014?

• A) 80
• B) 120
• C) 200
• D) 280

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Definitions:

Empirical

Derived from practical observation and experience as opposed to theoretical or abstract reasoning.

Sociohistorical Context

This refers to the social and historical background or circumstances that influence an event, idea, or phenomenon.

Episodic Memory

A form of enduring memory that encompasses the recall of particular incidents, circumstances, and personal experiences.

Parallel Park

The process of parking a vehicle parallel to the road, in line with other parked vehicles, usually in a designated parking space.