Nichols Company Had 500 Units of "Dink" in Its Inventory

question 84

Multiple Choice

Nichols Company had 500 units of "Dink" in its inventory at a cost of $5 each.It purchased, for $2,400, 300 more units of "Dink".Nichols then sold 600 units at a selling price of $10 each, resulting in a gross profit of $2,700.The cost flow assumption used by Kingman

• A)is FIFO.
• B)is LIFO.
• C)is weighted average.
• D)cannot be determined from the information given.

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