P Didee Has the Following Inventory Information Assuming That a Perpetual Inventory System Is Used What Is

question 21

Multiple Choice

P. Didee has the following inventory information. $$\begin{array} { r l l } \text { July } 1 & \text { Beginning Inventory } & 20 \text { units at } \$ 90 \\5 & \text { Purchases } & 120 \text { units at } \$ 92 \\14 & \text { Sale } & 90 \text { units } \\21 & \text { Purchases } & 60 \text { units at } \$ 95 \\30 & \text { Sale } & 58 \text { units }\end{array}$$ Assuming that a perpetual inventory system is used what is the ending inventory on a FIFO basis?

• A) $4744
• B) $5860
• C) $4940
• D) $6346

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Definitions:

Possessory Lien

A legal right or interest that a lender or storage facility has in the item in possession, as security for payment of a debt or charge.

Rug Repairer

A professional specialized in fixing and restoring rugs to their original condition.

Innkeeper's Lien

A legal right allowing innkeepers to hold, or even sell, a guest's property as security for unpaid lodging bills.

Statutory Lien

A right to keep possession of property belonging to another until a debt owed by that person is discharged, created by statute.