Moroni Industries Has the Following Inventory Information Assuming That a Periodic Inventory System Is Used, What Is

question 104

Multiple Choice

Moroni Industries has the following inventory information. $\begin{array}{rll}\text { July }1 & \text { Beginning Inventory } & 40 \text { units at } \$ 120 \\5 & \text { Purchases } & 240 \text { units at } \$ 112 \\14 & \text { Sale } & 160 \text { units } \\21 & \text { Purchases } & 120 \text { units at } \$ 115 \\30 & \text { Sale } & 140 \text { units }\end{array}$ Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?

• A) $11,500
• B) $11,520
• C) $33,960
• D) $33,980

---

Definitions:

Global Warming

The long-term rise in Earth's average surface temperature, primarily due to human activities such as the emission of greenhouse gases.

Deforestation

The process of clearing vast areas of forest for agriculture or other human activities, leading to significant environmental impact.

Amazon

an American multinational technology company focusing on e-commerce, cloud computing, digital streaming, and artificial intelligence.

Infographics

Images or diagrams that convey detailed information or knowledge in a simple and concise manner.