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.

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Definitions:

Greenbacks

Paper currency issued by the United States during the Civil War, not backed by gold or silver but by the government's credibility.

Civil Service Act

Legislation that established the principle of federal employment on the basis of open, competitive exams and created a professional civil service.

Political Influence

The ability to sway or alter the decisions, actions, or policies of governmental bodies, politicians, or political outcomes.

Interstate Commerce Commission

The first federal agency created in 1887, designed to regulate the railroads and later other modes of transportation, ensuring fair rates and practices.