Oscar Industries Has the Following Inventory Information Assuming That a Periodic Inventory System Is Used What Is

question 42

Multiple Choice

Oscar Industries has the following inventory information. $\begin{array}{rll}\text { July } 1 & \text { Beginning Inventory } & 40 \text { units at } \$ 110 \\5 & \text { Purchases } & 240 \text { units at } \$ 112 \\14 & \text { Sale } & 160 \text { units } \\21 & \text { Purchases } & 120 \text { units at } \$ 115 \\30 & \text { Sale } & 150 \text { units }\end{array}$
Assuming that a periodic inventory system is used what is the amount allocated to ending inventory on a FIFO basis?

• A) $10350
• B) $10000
• C) $35080
• D) $34730

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Definitions:

Top Executives

Individuals who hold the highest-level management positions in an organization, responsible for developing strategies and policies to achieve organizational goals.

Board of Directors

A group of individuals elected to represent shareholders and make high-level decisions about the direction and policy of a company.

Company Founder

An individual who establishes and initiates the creation of a company or business.

Internal Constraint

refers to limitations or restrictions that come from within an individual or organization, affecting decision-making or actions, such as personal beliefs or organizational policies.