Effie Company Uses a Periodic Inventory System

question 42

Multiple Choice

Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2015 are as follows: An end of the month (1/31/15) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

• A)$800
• B)$832
• C)$848
• D)$868

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Definitions:

Inner Struggles

Refers to the conflicts or battles one faces within themselves, often involving emotions or thoughts.

Anal-Expulsive

A term from Freudian psychoanalysis referring to a personality trait seen in individuals who experienced liberal toilet training, often perceived as messy, careless, or disorganized.

Orderly

A person employed in a hospital or other medical establishment to carry out non-nursing tasks such as transporting patients or maintaining cleanliness and order.

Neat

Characterized by cleanliness, orderliness, and often meticulousness in appearance or arrangement.