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

question 58

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 rounded to the nearest dollar using average cost is

• A) $1,353
• B) $1,263
• C) $1,375
• D) $1,150

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Definitions:

Confidentiality

The ethical principle or legal right that a physician or other healthcare provider will hold secret all information relating to a patient, unless the patient gives consent permitting disclosure.

Data

Factual information used as a basis for reasoning, discussion, or calculation, often collected through observation or research.

Anonymous

Being unnamed or not identified by name, often used to maintain privacy or confidentiality.

Double-Blind Procedures

A study design in which neither the participants nor the experimenters know who is receiving a particular treatment, to prevent bias.