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:

Lock-Up Provisions

Lock-Up Provisions refer to contractual clauses that prevent insiders of a company from selling their shares for a certain period post an initial public offering (IPO).

Redemption

The process of returning an investment's principal amount to its holder upon its maturity or a specified date.

Directional Strategy

Speculation that one sector or another will outperform other sectors of the market.

Economy Sectors

Divisions within an economy, categorized by their primary business activities, such as technology, healthcare, and finance.