Metro Computer Company Had the Following Balances and Transactions During

question 3

Multiple Choice

Metro Computer Company had the following balances and transactions during 2014: What would the company's ending merchandise inventory amount be on December 31, 2014 if the perpetual last-in, first-out costing method is used?

• A)$7,500
• B)$23,500
• C)$7,750
• D)$16,000

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Definitions:

Properly Executed Deed

A legal document that has been completed correctly, meeting all necessary formalities to transfer ownership of property.

Oral Declaration

A statement or announcement made verbally and not in written form, which can be legally binding under certain conditions.

Real Property Title

Legal ownership and right to the use of land and the permanent structures attached to it.

Tax Sale

A public sale of property conducted by a government authority to recover unpaid taxes owed by the property's owner.