A Company Sells Garden Hoses and Uses the Perpetual Inventory

question 30

Multiple Choice

A company sells garden hoses and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during September were as follows: September 1: Beginning balance of 18 units at $13 each September 12: Purchased 30 units at $14 each September 19: Sold 24 units at $30 selling price each September 20: Purchased 24 units at $17 each September 27: Sold 27 units at $30 selling price each
If the ending inventory is reported at $276, what inventory method was used?

• A) Weighted average method.
• B) LIFO method.
• C) Retail inventory method.
• D) Specific identification method.
• E) FIFO method.

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Definitions:

Particular Relationships

Unique or specific connections and interactions between individuals based on personal, familial, or professional ties.

Mindfulness

A mental practice focusing on being acutely aware of what you're sensing and feeling in the moment, without interpretation or judgment.

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Criminologists who focus on maintaining peace and preventing conflict through understanding and addressing the underlying causes of criminal behavior.

Social Justice

The concept of fair and just relations between the individual and society, measured by the distribution of wealth, opportunities, and privileges.