Use This Inventory Information for the Month of September to Answer

question 61

Multiple Choice

Use this inventory information for the month of September to answer the following question. Assuming that a perpetual inventory system is used,what is ending inventory on a FIFO basis?

• A) $3,704
• B) $7,696
• C) More information is needed.
• D) $3,664

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Definitions:

Property Damage

Physical harm or destruction caused to someone's property, including buildings, vehicles, and personal possessions.

Personal Injury

Physical or psychological harm caused to an individual due to another's negligence or intentional act.

Agency Relationship

A legal and fiduciary relationship between two parties, where one, the agent, is authorized to act on behalf of the other, the principal, in business transactions.

Liability

A legal obligation or responsibility to settle a debt or make good on a promise or contract.