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

question 91

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 LIFO is?

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

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Definitions:

Budget Deliberations

The discussion and negotiation process concerning the allocation of financial resources within an organization or government.

Third-Party Conflict Resolution

The process in which an external, neutral party helps resolve a dispute or conflict between two or more other parties.

Mediator

An individual or entity that facilitates negotiation and resolution between conflicting parties without imposing a solution.

Conflict Resolution

The process of resolving a dispute or a conflict by meeting at least some of each side's needs and addressing their interests.