RJ Corporation Has Provided the Following Information About One of Their

question 53

Multiple Choice

RJ Corporation has provided the following information about one of their inventory items:

$$\begin{array}{ll}\begin{array} { ll } \text { Date } & \text { Transaction } \\1 / 1 & \text { Beginning Inventory } \\6 /6& \text { Purchase } \\9 / 10 & \text { Purchase } \\11/ 15 & \text { Purchase }\end{array}\begin{array} { l l} \text { Number of Units } & \text { Cost per Unit } \\400& \$ 3,200 \\800 & \$ 3,600 \\1,200 & \$ 4,000 \\800 & \$ 4,200\end{array}\end{array}$$
During the year,3,000 units were sold. What was ending inventory using the LIFO cost flow assumption?

• A)$640,000
• B)$840,000
• C)$770,000
• D)$880,000

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Definitions:

Ordinal

Pertaining to a scale or series that denotes order but not relative size or degree.

Interval

A range between two numbers or points, often used to describe the range in a set of data or the domain of a function.

Relative Frequency Distribution

A type of distribution that shows the relative frequencies of different values in a dataset.

L-Ribulose

A ketose monosaccharide sugar known for its role in the metabolism of bacteria and in the ribulose monophosphate pathway.