Piper Pipes Has the Following Inventory Data Assuming That a Periodic Inventory System Is Used What Is

question 92

Multiple Choice

Piper Pipes has the following inventory data: $$\begin{array} { r l l } \text { July } 1 & \text { Beginning inventory } & 50 \text { units at } \$ 120 \\5 & \text { Purchases } & 300 \text { units at } \$ 112 \\14 & \text { Sale } & 200 \text { units } \\21 & \text { Purchases } & 150 \text { units at } \$ 115 \\30 & \text { Sale } & 140 \text { units }\end{array}$$ Assuming that a periodic inventory system is used what is the cost of goods sold on a LIFO basis?

• A)$18320
• B)$18370
• C)$34480
• D)$38530

---

Definitions:

Cultural Pluralism

A condition or system in which various cultural groups coexist within a society, retaining their individual cultural identities.

Industrial Revolution

A period of major industrialization from the late 18th to early 19th century that marked a profound change in society with the introduction of machinery.

Steam Engine

A heat engine that performs mechanical work using steam as its working fluid.

Multiculturalism

A policy or ideology that promotes the inclusion and celebration of diverse cultural backgrounds, traditions, and beliefs within a society, recognizing and respecting cultural differences.