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

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Definitions:

Time Utility

The increase in the value of a product or service by having it available at the most opportune time, enhancing satisfaction or usefulness.

National Drug Store

A national drug store is a retail pharmacy chain that operates multiple locations across a country, providing medications, health products, and health care services.

Warehousing

The act of storing goods in a dedicated space for the purposes of distribution, inventory management, and cost efficiency.