Lionworks Enterprises Had the Following Inventory Data

question 16

Multiple Choice

Lionworks Enterprises had the following inventory data:

Assuming LIFO,what is the ending inventory after the July 14 sale?

• A)$232
• B)$214
• C)$228
• D)$208

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Definitions:

Paid-in Capital

The total amount of cash and other assets received from shareholders in exchange for stock, including amounts above the nominal value (or par value) of the shares.

Historical Cost Principle

An accounting principle that states assets should be recorded and reported at their original purchase price.

FASB's Proposal

A suggested change or addition to accounting standards published by the Financial Accounting Standards Board.

Employee Stock Options

A privilege, sold by one party to another, that gives the buyer the right, but not the obligation, to buy (call) or sell (put) a stock at an agreed-upon price within a certain period or on a specific date.