Samson Company Had the Following Balances and Transactions During 2013

question 71

Multiple Choice

Samson Company had the following balances and transactions during 2013. $$\begin{array} { | l | l | } \hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \\\hline \text { March } 10 & \text { Sold } 8 \text { units } \\\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \\\hline \text { October 30 } & \text { Sold } 15 \text { units } \\\hline\end{array}$$
-What would the company's Inventory amount be on the December 31,2013 balance sheet if the perpetual First-In,First-Out costing method is used? (Answers are rounded to the nearest dollar.)

• A) $490
• B) $540
• C) $560
• D) $554

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Definitions:

Salaries

Fixed regular payments made by employers to employees, typically on a monthly or biweekly basis, in exchange for the professional services rendered.

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GDP Deflator

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The measure of a country's economic output adjusted for price changes, providing a more accurate view of an economy's size and growth rate.