Checkers Uses the Periodic Inventory System

question 76

Multiple Choice

Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 4,800 units that cost $12 each. During the month, the company made two purchases: 2,000 units at $13 each and 8,000 units at $13.50 each. Checkers also sold 8,600 units during the month. Using the LIFO method, what is the ending inventory?

• A) $80,292.
• B) $74,400.
• C) $83,700.
• D) $75,800.

Identify the different requirements for goodwill arising from investments in subsidiaries versus associates.

Evaluate the effects of fair value changes on available-for-sale financial assets within consolidated financial statements.

Calculate the carrying amount of investments in associates, incorporating elements like revaluation surplus and management fees.

Understand the concepts of osmoregulation and the osmotic relationship between organisms and their environments.

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Definitions:

Owner Withdrew

A transaction where the business owner takes out funds from the business for personal use, often recorded as a reduction in owner's equity.

Cash

Physical money such as coins and banknotes, or a resource in bank accounts that is available for immediate withdrawal and use for payments.

Withdrawals

Money or other assets taken out of a business by its owner(s) for personal use.

Financial Position

refers to the status of the assets, liabilities, and equity of an entity at a particular point in time, as represented primarily through the balance sheet.