Graham Company Uses a Periodic Inventory System An End of the Month (1/31/11) Inventory Showed That 180

question 86

Multiple Choice

Graham Company uses a periodic inventory system.Details for the inventory account for the month of January, 2011 are as follows: $\begin{array}{llrr}&\text { Units } &\text { Per unit price }&\text { Total }\\\text { Balance, } 1 / 1 / 11 & 300 & \$ 5.00 & \$ 1500 \\\text { Purchase, } 1 / 15 / 11 & 150 & 5.30 & 795 \\\text { Purchase, } 1 / 28 / 11 & 150 & 5.50 & 825\end{array}$

An end of the month (1/31/11) inventory showed that 180 units were on hand.How many units did the company sell during January, 2011?

• A)120
• B)180
• C)300
• D)420

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Definitions:

Intelligence

The ability to acquire and apply knowledge and skills, encompassing problem solving, logical reasoning, understanding complex ideas, and learning from experience.

Confounding Variable

In an experiment, a factor other than the factor being studied that might influence a study’s results.

Employment Success

The achievement of career goals and attainment of stability and satisfaction in one's professional life, often measured by promotions, salary increases, and occupational fulfillment.

Hypothesis

A proposed explanation made on the basis of limited evidence as a starting point for further investigation.