Use the Following Information for Questions

question 51

Multiple Choice

Use the following information for questions
A company just starting its business made the following four inventory purchases in June:
On June 25, the company made its first sale when a local customer purchased 500 units for $3,500.The company uses a perpetual inventory system.
-Using the FIFO cost formula, the cost of the ending inventory on June 30 is

• A)$645.
• B)$695.
• C)$1,650.
• D)$1,700.

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Definitions:

One Drop Rule

A racial classification system that asserts any person with even one ancestor of sub-Saharan African ancestry ("one drop" of African blood) is considered Black.

Biological Definition

A precise scientific description of an organism or a condition using biological terms and concepts.

Race

In biology, the taxonomic category of subspecies that is not applicable to humans because the division of humans into discrete types does not represent the true nature of human biological variation. In some societies, race is an important cultural category.

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