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:

Vivid

Describing something as strikingly bright or intense, either in color or in the detail of its description, making it very clear in the mind.

Subgroup

A smaller subset within a larger group, often sharing common characteristics or interests.

Extrinsic Benefits

Benefits that are external to the job itself, such as salary, employee benefits, or flexible working hours.

Persuasive

Refers to something designed to convince or influence someone's opinions or actions.