Table 6-6 Sam's Wholesale Bikes -Refer to Table 6-6

question 70

Multiple Choice

Table 6-6 Sam's Wholesale Bikes $$\begin{array} { | l | l | } \hline \text { January } 1 \text { inventory balance } & 15 \text { units at } \$ 350 \text { per unit } \\\hline \text { January } 4 \text { purchase } & 50 \text { units at } \$ 375 \text { per unit } \\\hline \text { January } 15 \text { sale } & 40 \text { units at } \$ 550 \text { per unit } \\\hline \text { February } 8 \text { purchase } & 80 \text { units at } \$ 405 \text { per unit } \\\hline \text { February } 15 \text { sale } & 70 \text { units at } \$ 550 \text { per unit } \\\hline\end{array}$$
-Refer to Table 6-6. What is the value of the February ending inventory assuming that Sam's uses the perpetual FIFO inventory method?

• A)$7,500
• B)$17,500
• C)$14,175
• D)$15,875

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Definitions:

Property Tax

A tax levied by local governments on real estate properties, based on the assessed value of the property, to fund public services like education and infrastructure.

Social Security Payments

Regular payments made by the government to support individuals who are retired, disabled, or otherwise entitled to receive such benefits according to social welfare programs.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price.

Excise Tax

A tax imposed on specific goods, such as tobacco and alcohol, usually aimed at reducing consumption of these goods or generating revenue.