Using the Last-In, First-Out Periodic Method, the Value of Closing

question 59

Multiple Choice

Using the last-in, first-out periodic method, the value of closing inventory is:

• A) $4400.
• B) $4192.
• C) $1840.
• D) $3460.

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Definitions:

Open Listing

A non-exclusive contract allowing a property owner to sell their property themselves or to engage multiple agents without any obligation to pay commission except to the one who brings a valid offer.

Commission

A form of payment to an agent or employee based on the value of sales made or services provided.

Willing

Ready, inclined, or favorably disposed toward taking a particular action or supporting a particular stance.

Valid Gift

A legally recognized transfer of property or assets from one individual to another without the expectation of payment or compensation.