Williams Company Had the Following Balances and Transactions During 2014

question 130

Multiple Choice

Williams Company had the following balances and transactions during 2014. $$\begin{array} { | l | l | } \hline \text { Beginning Inventory } & 10 \text { units at } \$ 70 \\\hline \text { June 10 } & \text { Purchased } 20 \text { units at } \$ 80 \\\hline \text { December 30 } & \text { Sold } 15 \text { units } \\\hline \text { December 31 } & \text { Replacement cost } \$ 90 \\\hline\end{array}$$ Williams maintains its records of inventory on a perpetual basis using the FIFO method. Calculate the amount of ending Merchandise Inventory at December 31, 2014 using the lower-of-cost-or-market rule.

• A) $1,200
• B) $1,360
• C) $2,040
• D) $1,020

Identify and eliminate slang and business clichés to achieve professionalism in writing.

Identify discriminatory language in sentences.

Correct sentences to improve clarity, precision, and avoid discrimination.

Make writing nondiscriminatory by using inclusive language.

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Definitions:

Registered Public Company

A business entity that has completed the required processes to offer its shares to the general public through a stock exchange.

Pay Bills Form

A document or online interface through which individuals or businesses submit payment for outstanding invoices.

Expense Form

A document used by employees to report out-of-pocket expenses for which they request reimbursement.

Check Form

A document used to authorize a bank to pay a specified sum of money from the account holder's account to a named individual or entity.