Berring Sales Uses LIFO

question 33

Multiple Choice

Berring Sales uses LIFO. 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 January 14 sale. (Please round to the nearest whole dollar.)

• A)$380
• B)$330
• C)$230
• D)$228

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Definitions:

Distributorship

A business arrangement in which a manufacturer or supplier authorizes an entity to distribute its products.

Secret Formula

A proprietary and confidential composition or recipe that gives a product its unique characteristics and is closely guarded to maintain a competitive advantage.

Joint Stock Company

a business entity in which shares of the company's stock can be bought and sold by shareholders.

Partnership Agreement

A binding contract between partners that outlines the rules, responsibilities, and financial arrangements of their partnership.