Marie's Sporting Goods Had the Following Inventory Records for One

question 13

Multiple Choice

Marie's Sporting Goods had the following inventory records for one line of skis for the month of January:

Assuming the periodic LIFO inventory method is used,what is the cost of Marie's ending inventory?

• A)$4,124
• B)$4,268
• C)$4,376
• D)$4,100

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Definitions:

Inelastic

Describes a situation where the demand or supply for a good or service is less responsive to changes in price.

Elastic Demand

A situation in economics where the demand for a product is sensitive to price changes, leading to a significant change in quantity demanded if the price increases or decreases.

Wage Increase

Refers to the rise in the hourly, daily, or monthly payments made to employees for their work or services.

Total Payroll

The complete amount of money a business pays to its employees over a specific period, including wages, salaries, bonuses, and deductions.