Use the Following Information for the Month of July for Questions

question 22

Multiple Choice

Use the following information for the month of July for questions
ABC Inc.uses the FIFO cost formula in a perpetual inventory system.

-Ending inventory at July 31 is

• A)$2,330.
• B)$720.
• C)$680.
• D)$550.

---

Definitions:

Shareholders' Equity

Represents the residual interest in the assets of a corporation after deducting liabilities, essentially the net worth belonging to shareholders.

Total Assets

The aggregate of all financial resources owned by a company, including current and non-current assets, which reflects its total economic value.

Statement Of Income

A financial document showing a company's revenue, expenses, and profits over a specific period, also known as an income statement.

Retained Earnings

The portion of net income left over for a company after it has paid out dividends to its shareholders.