Berring Sales Uses LIFO

question 129

Multiple Choice

Berring Sales uses LIFO. 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 and calculate the Inventory balance at the end of January. (Please round to the nearest whole dollar.)

• A)$143
• B)$249
• C)$228
• D)$135

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Definitions:

Buyer

An individual or organization that purchases goods or services from another entity.

Tax

Mandatory financial charges imposed by a government on individuals, corporations, or other entities to fund public expenditures and services.

Sellers

Individuals or entities that offer goods or services in exchange for payment or other forms of compensation.

Tax

A mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.