Poole Company Purchased Two Identical Inventory Items

question 64

Multiple Choice

Poole Company purchased two identical inventory items. One of the items, purchased in January, cost $50. The other, purchased in February, cost $66. One of the items was sold in March at a selling price of $190. Poole uses LIFO. Which of the following statements is true?

• A)The balance in ending inventory would be $66.
• B)The amount of gross margin would be $124.
• C)The amount of ending inventory would be $58.
• D)The amount of cost of goods sold would be $50.

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Definitions:

Subconsciously Held Information

Information that is stored in the subconscious mind, influencing thoughts and behaviors without conscious awareness.

Images Not Words

A principle emphasizing the use of visual imagery over textual content to convey messages or ideas.

User-Driven Insights

User-driven insights are understandings and conclusions derived from the analysis of user data, behaviors, and feedback, which inform product development and marketing strategies.

Qualitative Research

Qualitative research is a research method focused on understanding concepts, thoughts, or experiences through non-numeric data like interviews, observations, and text analysis.