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:

Intuitive Thinker

A person who relies on instinct and gut feelings rather than detailed analysis when making decisions or solving problems.

Intellectual

Pertaining to or involving the use of the mind or intellect for understanding, reasoning, creating, and acquiring knowledge.

Theoretical Positions

Philosophical stances or frameworks that underpin a researcher's or practitioner's understanding and analysis of phenomena in their field of study.

Sensation Thinkers

Individuals who prefer using their senses to process information and focus on details and facts in decision-making, often practical and straightforward.