Nicholas Industries Had the Following Inventory Transactions Occur During 2022

question 9

Multiple Choice

Nicholas Industries had the following inventory transactions occur during 2022: $\begin{array}{llll}&&\text {Units}&\text { Cost/unit}\\\hline2 / 1 / 22 & \text { Purchase } & 54 & \$ 45 \\3 / 14 / 22 & \text { Purchase } & 93 & \$ 47 \\5 / 1 / 22 & \text { Purchase } & 66 & \$ 49\end{array}$ The company sold 140 units at $65 each. Assume that a periodic inventory system is used, what is the company's gross profit using FIFO?

• A) $2,388
• B) $2,628
• C) $6,472
• D) $9,100

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Definitions:

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Applicable

Relevant or suitable in a given situation or for a specific purpose.

First-Birth Rate

The frequency at which first births occur within a defined population.

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A statistical method used for estimating the relationships among variables, often to predict the value of a dependent variable based on independent variables.