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

question 94

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 FIFO basis?

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

---

Definitions:

Net Operating Income

The profit a company makes from its normal business operations, excluding expenses from financing and taxes.

Service Company

A business that provides intangible products, such as services or expertise, rather than physical goods.

Cost Formula

An equation used to calculate the total cost of production, involving fixed and variable components.

Vehicle Operating Cost

refers to the expenses associated with using a vehicle, including fuel, maintenance, insurance, and depreciation.