The Following Lots of a Particular Commodity Were Available for Sale

question 12

Multiple Choice

The following lots of a particular commodity were available for sale during the year: The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year, according to the first-in, first-out method?

• A) $1 200
• B) $1 230
• C) $1 370
• D) $1 400

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Definitions:

Amoxicillin

A widely used antibiotic that belongs to the penicillin group, effective against a variety of bacterial infections.

Piroxicam

A nonsteroidal anti-inflammatory drug (NSAID) used to relieve pain and reduce inflammation in conditions like arthritis.

Histology

Investigating the tiny anatomical details of tissues.

Tissue

Groups of cells in an organism that have similar structure and function; types include muscle, nerve, epithelial, and connective tissues.