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

Understand the rationing function of prices and the role of government in competitive markets.

Understand key figures and events in the history of slavery and their historical significance.

Analyze how slaves maintained their sense of identity despite the hardships of slavery.

Explore the role of African heritage in shaping slave culture and identity.

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