Moroni Industries Has the Following Inventory Information

question 126

Multiple Choice

Moroni Industries has the following inventory information. 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:

Household Income

The combined income of all members of a household, used as a measure of socioeconomic status or to understand economic trends.

High School GPA

A measure of a student's academic achievement in high school, typically calculated as an average of grades.

Y-Intercept

The point where a line crosses the Y-axis on a graph.

Regression Equation

A mathematical formula that models or predicts the relationship between a dependent variable and one or more independent variables.