Berring Sales Uses FIFO

question 40

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 and calculate the Ending inventory balance at the end of January.(Please round to the nearest whole dollar.)

• A) $128
• B) $135
• C) $112
• D) $388

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Definitions:

Limited Partner

An investor in a partnership who is only liable for the amount of their investment and does not actively manage the business.

Partnership Interest

An ownership share in a partnership, representing a partner's stake in the business's assets and earnings.

Limited Partnership

A form of partnership comprising at least one general partner, who manages the business and is personally liable for partnership debts, and one or more limited partners, who contribute capital and share in profits but are not involved in management and are only liable to the extent of their investment.

Limited Personal Liability

Limited personal liability means that an individual's financial responsibility for business debts or legal claims is restricted, often to the amount they have invested in a company.