Berring Sales Uses FIFO

question 39

Multiple Choice

Berring Sales uses FIFO. The partially completed inventory record for January appears below. On 14 January, the company sold 10 units. On 29 January, the company sold 50 units. Complete the inventory record through to the 14 January sale and calculate the inventory balance after the sale on 14 January. (Please round to the nearest whole dollar.)

• A)$230
• B)$228
• C)$216
• D)$330

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Definitions:

Consumer's Income

The total amount of income available to an individual or household for spending on goods and services.

Expected-Rate-of-Return Curve

A graphical representation showing the expected returns of an investment as a function of varying degrees of risk.

Interest-Rate Cost-of-Funds Curve

A graphical representation depicting the relationship between the cost of funding for lending institutions and different interest rates.

Optimal R&D Expenditures

The most efficient level of spending on research and development activities that maximizes the benefits or returns from innovation.