Use the Following Information for Questions 103 Through 106

question 13

Multiple Choice

Use the following information for questions 103 through 106.
Transactions for the month of June were:
-Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is

• A) $8,220.
• B) $8,320.
• C) $8,580.
• D) $8,940.

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Definitions:

Panels

Groups of selected individuals or experts brought together to discuss, investigate, or study a specific subject or area of interest.

Average Costs

The total costs of production divided by the quantity of output produced, representing the cost per unit of output.

Output

The quantity of goods or services produced by a firm or industry within a certain period.

Declines

Decreases in the value, amount, or quality of something.