Delightful Discs Has the Following Inventory Data: a Physical

question 205

Multiple Choice

Delightful Discs has the following inventory data: A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Ending inventory under LIFO is

• A) $438
• B) $421
• C) $846
• D) $863

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Definitions:

EMS

Emergency Medical Services, a system that provides urgent pre-hospital treatment and stabilization for serious illness and injuries and transport to definitive care.

Petty Cash Fund

A small amount of cash kept on hand for making immediate payments for miscellaneous small expenses.

Journal Entries

Records of financial transactions in the accounting system, where each transaction requires a debit and a credit.

Understated

Describes an item that is reported at a figure less than the actual amount.