Oscar Industries Has the Following Inventory Information Assuming That a Periodic Inventory System Is Used, What Is

question 96

Multiple Choice

Oscar Industries has the following inventory information. $\begin{array}{rll}\text { July } 1 & \text { Beginning Inventory } & 40 \text { units at } \$ 110 \\5 & \text { Purchases } & 240 \text { units at } \$ 112 \\14 & \text { Sale } & 160 \text { units } \\21 & \text { Purchases } & 120 \text { units at } \$ 115 \\30 & \text { Sale } & 150 \text { units }\end{array}$ Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?

• A) $10,350
• B) $10,000
• C) $35,080
• D) $34,730

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Definitions:

Skull

The bony structure forming the head, protecting the brain and supporting the structures of the face.

Monthly

Pertaining to or occurring every month.

Auscultation

The medical practice of listening to the internal sounds of the body, typically using a stethoscope, to assess the condition of heart, lungs, or other organs.

Heel-to-shin

A neurological test involving running the heel of one foot down the shin of the opposite leg, testing coordination and motor function.