A Company Just Starting in Business Purchased Three Merchandise Inventory

question 66

Multiple Choice

A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $65; second purchase $78; third purchase $68. If the company sold two units for a total of $200 and used periodic inventory system with FIFO costing, the gross profit for the period would be

• A) $55.
• B) $57.
• C) $62.
• D) $68.

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Definitions:

Authoritarian Parenting Style

A parenting approach characterized by high demands and low responsiveness, where parents enforce strict rules and expect obedience.

Physical Punishment

The use of physical force with the intention of causing a child to experience pain, but not injury, for purposes of correction.

Mental Health Problems

A wide range of conditions that affect mood, thinking, and behavior, often leading to distress or impairment in daily functioning.

Self-Esteem

The global evaluative dimension of the self; also called self-worth or self-image.