Use the Information Below to Answer the Following Questions The Firm Uses the Periodic Inventory System

question 91

Multiple Choice

Use the information below to answer the following questions.
The following units of an inventory item were available for sale during the year:

$\begin{array}{ll}\text { Beginning inventory } & 10 \text { units at } \$ 55 \\\text { First purchase } & 25 \text { units at } \$ 60 \\\text { Second purchase } & 30 \text { units at } \$ 65 \\\text { Third purchase } & 15 \text { units at } \$ 70\end{array}$ The firm uses the periodic inventory system. During the year, 60 units of the item were sold.?
-The value of ending inventory using LIFO is?

• A) $1,250
• B) $1,350
• C) $1,375
• D) $1,150

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Definitions:

Multiple Intelligences

A theory suggesting that human intelligence is composed of a variety of abilities rather than a single all-encompassing one.

Sternberg

Refers to Robert Sternberg, a psychologist known for his theory on love and intelligence, which includes components such as the triangular theory of love and the triarchic theory of intelligence.

Gardner

Howard Gardner, an American developmental psychologist best known for his theory of multiple intelligences, which suggests that individuals have various distinct types of intelligence.

Creative People

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