Moroni Industries Has the Following Inventory Information

question 121

Multiple Choice

Moroni Industries has the following inventory information. Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis?

• A)$11,500
• B)$11,520
• C)$33,960
• D)$33,980

---

Definitions:

Endowment

A donation made to an institution or organization that is invested to generate income, where the principal remains intact.

Restricted

Refers to assets or resources that are subject to limitations or conditions on their use, often imposed by contractual agreements or regulations.

Unrestricted

Refers to funds or resources that are not subject to externally imposed restrictions and can be used by the organization for any purpose.

Donated

Items or assets that are given without any expectation of payment or benefit in return.