Diligent Ltd Had Five Units of the Commodity Algo on Hand

question 15

Multiple Choice

Diligent Ltd had five units of the commodity Algo on hand at 1 September 2019. The following purchases and sales were made during September: What was the value of ending inventory of Algo, using the LIFO assumption in a perpetual inventory system?

• A) $1 460
• B) $1 480
• C) $1 580
• D) $2 400

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Definitions:

Metallic

Having properties characteristic of metals, such as conductivity, malleability, and often a shiny appearance.

Intermolecular

Describes forces or interactions that occur between molecules, influencing the physical properties of substances.

Atom Model

A representation or theory that describes the structure and behavior of atoms, the basic unit of matter. The most widely known example is the Bohr model, with electrons orbiting a nucleus.

Electrons

Electrons are subatomic particles with a negative electric charge, found in all atoms, and play a crucial role in chemical reactions and electricity.