One Hundred Units of Inventory on Hand at the End

question 70

Multiple Choice

One hundred units of inventory on hand at the end of the year are recorded at their cost of $10 each using LIFO.Current replacement cost is $11.00.What amount would be reported as Inventory on the balance sheet?

• A) $1,000.00
• B) $10.00
• C) $800.00
• D) $8.00

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Definitions:

Debridement

The removal of debris or dead tissue from a wound to expose healthy tissue.

Surgical Removal

The process of surgically eliminating a part of the body, such as an organ or a tumor.

Laceration

A deep cut or tear in skin or flesh, often requiring medical attention to clean, close, and prevent infection.

Staples

Metal fasteners used to bind together papers or other materials, or a basic or necessary item of a particular field.