A Firm Has Beginning Inventory of 300 Units at a Cost

question 35

Multiple Choice

A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the value of the ending inventory using LIFO?

• A) $2,750
• B) $3,250
• C) $3,300
• D) $2,550

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Definitions:

Competitor

Someone who manages conflict by being competitive and pushing ideas and solutions on others.

Accommodator

An individual or entity that adapts to meet the needs or requirements of others.

Manage Conflict

The process of identifying and addressing differences that threaten the harmony of a group or organization, aiming at positive resolution.

Surrendering

The act of yielding or giving up control, often in a context of conflict, to another party.