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Effie Company Uses a Periodic Inventory System

question 53

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Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows:   An end of the month (1/31/18)  inventory showed that 160 units were on hand. If the company uses LIFO, what is the value of the ending inventory? A)  $800 B)  $832 C)  $848 D)  $868 An end of the month (1/31/18) inventory showed that 160 units were on hand. If the company uses LIFO, what is the value of the ending inventory?


Definitions:

Endowment

In economics, an endowment is the total range of assets, including both physical goods and intangible elements like labor skills, that an individual or entity owns.

Interest Rate

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan amount.

Consumes

The act of using up goods or services for personal need, satisfaction, or utility, reducing the quantity available.

Consumption

The employment of goods and services within home environments.

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