Storme Shutters Has the Following Inventory Information A Physical Count of Merchandise Inventory on November 30 Reveals

question 33

Multiple Choice

Storme Shutters has the following inventory information. $$\begin{array} { r l r } \text { Nov. } 1 & \text { Inventory } & 30 \text { units } @\$ 8.00 \\8 & \text { Purchase } & 120 \text { units }@\$ 8.30 \\17 & \text { Purchase } & 60 \text { units } @ \$ 8.70 \\25 & \text { Purchase } & 90 \text { units }@\$ 8.80\end{array}$$ A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Ending inventory under LIFO is

• A) $655.
• B) $704.
• C) $1756.
• D) $1812.

Calculate owner's equity based on assets and liabilities.

Grasp the concept of net income, net loss, and how they are determined.

Understand the role of transactions in affecting a company's financial status.

Differentiate between various types of payments and financial activities within a business.

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