Belle Co Has Beginning Inventory of 12 Sets of Paints at at a Cost

question 16

Multiple Choice

Belle Co. has beginning inventory of 12 sets of paints at a cost of $1.50 each. During the year, the store purchased 7 at $3.00, 8 at $3.25, and 12 at $3.50. By the end of the year 31 sets were sold. Using the LIFO method, the cost of ending inventory is:

• A)$28.00
• B)$12.00
• C)$21.00
• D)$3.50
• E)None of these

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Definitions:

Quantity Supplied

The volume of goods or services that suppliers can and are prepared to dispatch in the market at a particular price point within a defined duration.

Excess Supply

A scenario in which the market has a supply of a product or service that exceeds the demand for it at its present price.

Quantity Demanded

The total amount of a product or service that consumers are willing to buy at a given price over a specified period.

Price Sunglasses

The amount of money required to purchase eyewear designed to protect the eyes from the sun's harmful rays.