Berring Sales Uses FIFO

question 102

Multiple Choice

Berring Sales uses FIFO.The partially completed inventory record for January appears below. On January 14,the company sold 10 units.On January 29,the company sold 50 units.
-Complete the inventory record through the January 14 sale and calculate the inventory balance after the sale on January 14.(Please round to the nearest whole dollar.)

• A) $230
• B) $228
• C) $330
• D) $216

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Definitions:

Tariff

A tax imposed on imported goods and services, intended to increase the cost of imported items and protect domestic industries from foreign competition.

Price

The fund requirement for the acquisition of a good or service.

Free Trade

Global trade allowed to proceed without any tariffs, quotas, or limitations, following its natural flow.

Wagons

A four-wheeled vehicle typically used for transporting goods or passengers, historically drawn by animals.