Graham Company Uses a Periodic Inventory System

question 234

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 LIFO, what is the value of the ending inventory?

• A) $520
• B) $600
• C) $656
• D) $1,480

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Definitions:

Emotional Reasoning

A cognitive process where a person concludes that their emotional reaction reflects the way things really are, despite contrary evidence.

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The degree to which repeated measurements under unchanged conditions show the same results.