Use the Information Below to Answer the Following Questions The Firm Uses the Periodic Inventory System

question 18

Multiple Choice

Use the information below to answer the following questions.
The following units of an inventory item were available for sale during the year:

$\begin{array}{ll}\text { Beginning inventory } & 10 \text { units at } \$ 55 \\\text { First purchase } & 25 \text { units at } \$ 60 \\\text { Second purchase } & 30 \text { units at } \$ 65 \\\text { Third purchase } & 15 \text { units at } \$ 70\end{array}$ The firm uses the periodic inventory system. During the year, 60 units of the item were sold.?
-The value of ending inventory using FIFO is?

• A) $1,250
• B) $1,350
• C) $1,375
• D) $1,150

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Definitions:

Splenic Flexure

The part of the colon that bends near the spleen, connecting the transverse colon to the descending colon.

Colon

A part of the large intestine that absorbs water and salts from food and plays a crucial role in the digestive system.

Mastication

The process of chewing food in preparation for swallowing and digestion.

Hepatic Flexure

The hepatic flexure is the bend in the colon near the liver, marking the transition from the ascending colon to the transverse colon.