Orange-Aide Company Has the Following Inventory Data: a Physical

question 148

Multiple Choice

Orange-Aide Company has the following inventory data: A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand.Using the average cost method, the value of ending inventory is

• A)$1,070
• B)$1,045
• C) $1,050 D $1,100

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Definitions:

Disaffirmance

In contract law, the right of a party to renounce a contract to avoid legal obligations, typically used in cases involving minors or instances of fraud.

Majority

The age at which a person is considered an adult and has the legal rights and responsibilities of an adult, or a more than half portion of a group.

False Representation

An untrue statement of fact made by one party to another, which induces the latter to enter into a contract.

Consideration

An essential element in contract law, referring to something of value exchanged between parties.