Graham Company Uses a Periodic Inventory System

question 49

Multiple Choice

Graham Company uses a periodic inventory system.Details for the inventory account for the month of January, 2011 are as follows: An end of the month (1/31/11) inventory showed that 180 units were on hand.If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

• A)$2,064
• B)$2,136
• C)$4,200
• D)$4,500

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Definitions:

Major Depressive Disorder

A mental health disorder marked by persistent feelings of sadness, lack of interest in activities, and other symptoms that impair daily functioning.

Acute Mania

Describes a period of excessively elevated mood, energy, and unusual thought patterns, often associated with bipolar disorder.

Labile

Describes emotions that are easily altered or that fluctuate frequently and intensely, often seen in certain mood disorders.

Euphoric

A state of intense happiness and excitement.