Dobler Company Uses a Periodic Inventory System

question 164

Multiple Choice

Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows: An end of the month (1/31/2014) inventory showed that 160 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

• A) $1,188
• B) $1,212
• C) $2,400
• D) $1,600

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Definitions:

Aberration

A departure from what is considered normal or expected, often referring to a deviation from a moral standard or normal state.

Elusive

Hard to find, catch, or achieve; difficult to remember or define.

Team Diversification

The process of ensuring a team comprises individuals with varied backgrounds, skills, and perspectives.

Groupthink

A psychological phenomenon that occurs within a group of people, where the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.