Solve the Problem Using the Elimination Method

question 110

Multiple Choice

Solve the problem using the elimination method.
-The sum of two numbers is 100. The second number is three times as large as the first number. What are the numbers?

• A) 22 and 78
• B) 23 and 69
• C) 23 and 77
• D) 25 and 75

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Definitions:

Periodic FIFO

A method in inventory valuation where goods are assumed to be sold in the order they were acquired, calculated periodically.

Inventory Activity

This involves all movements or transactions related to inventory, including purchases, sales, returns, and write-offs, which affect the stock levels.

Beginning Inventory

The value of a company's inventory at the start of an accounting period, used to calculate cost of goods sold.

Inventory Costs

The costs associated with purchasing, managing, and storing inventory until it is sold or used in production.