Automobile Audio Has the Following Inventory Data A Physical Count of Merchandise Inventory on November 30 Reveals

question 188

Multiple Choice

Automobile Audio has the following inventory data: $$\begin{array} { r l r } \text { Nov. } 1 & \text { Inventory } & 30 \text { units } @ \$ 6.00 \text { each } \\8 & \text { Purchase } & 120 \text { units } @ \$ 6.45 \text { each } \\17 & \text { Purchase } & 60 \text { units } @ \$ 6.30 \text { each } \\25 & \text { Purchase } & 90 \text { units } @ \$ 6.60 \text { each }\end{array}$$ A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand.Ending inventory under FIFO is

• A)$657
• B)$1269
• C)$632
• D)$1295

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Definitions:

Withdrawals

Funds taken out of a business by its owners for personal use.

Income Statement

A financial document that shows a company's revenue, expenses, and profits or losses over a specific period.

Total Revenues

The total amount of income generated by a business from its sales of goods or services before any expenses are subtracted.

Capital Account

An account showing the net worth of a business at a specific point, accounting for assets minus liabilities.