Quan Uses a Periodic Inventory System ? If Quan Uses the LIFO Inventory Method, How Much

question 69

Multiple Choice

Quan uses a periodic inventory system.At the end of April, Quan had 20 units on hand. April $\begin{array}{ll}1&\text { On hand, } 10 \text { units } @ \$ 2 \text { each } & \$ 20 \\19&\text { Purchased } 90 \text { units } @ \$ 3 \text { each } & \$ 270 \\&\text { Goods available for sale } & \$ 290\end{array}$ ? If Quan uses the LIFO inventory method, how much is inventory on the balance sheet as of April 30?

• A) $50
• B) $40
• C) $60
• D) $58

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Definitions:

Complex Fraction

A fraction where the numerator, the denominator, or both contain fractions themselves.

Simplify

The process of reducing an expression or equation to its most basic form.

Division

One of the four basic operations in arithmetic, division calculates how many times a number (dividend) can be contained within another number (divisor).

Simplify

To reduce a complex expression to its simplest form by performing all possible operations and combining like terms.