Glasgow Enterprises Started the Period with 80 Units in Beginning

question 44

Multiple Choice

Glasgow Enterprises started the period with 80 units in beginning inventory that cost $7.50 each. During the period, the company purchased inventory items as follows: Glasgow sold 220 units after purchase 3 for $17.00 each.
What is Glasgow's ending inventory under LIFO?

• A)$2,730
• B)$2,460
• C)$2,220
• D)$1,950

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Definitions:

Net Capital Outflow

The difference between the purchase of foreign assets by domestic residents and the purchase of domestic assets by foreigners over a certain period.

Net Exports

The net amount obtained by subtracting the total imports from the total exports of a country.

Internationalized

The process of designing products, services, or operations to facilitate operation or distribution in multiple countries.

Budget Deficit

The financial shortfall when a government's expenditures exceed its revenues over a specified period.