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 FIFO?

• A) $2,750
• B) $3,000
• C) $3,300
• D) $2,550

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Definitions:

Boxes

Containers typically made of cardboard or plastic, used for storing, packaging, or transporting goods.

Pareto Efficient

A situation where it is impossible to reallocate resources to make one individual better off without making at least one other individual worse off.

Aggregate Profits

The total profit earned by all firms in the economy over a specific period.

Better Off

A state or condition in which an individual or group is in a more favorable or advantageous position than before.