Use the Following Information for the Following Questions:
Windsor Ltd $\quad 240$

question 23

Multiple Choice

Use the following information for the following questions:
Windsor Ltd. uses FIFO to cost its inventory. The following information is available for Windsor's inventory of product # 205:
Beginning inventory: $\quad 240$ units $@ \$ 5.28$ per unit
March 1: $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Purchase of 500 units $@ \$ 5.00$ per unit
April 10: $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Sale of 200 units $@ \$ 10.20$ per unit
-Assuming Windsor uses the periodic inventory system, the entry to account for the March 1 purchase is

• A) debit Inventory and credit Accounts Payable, $3,500.
• B) debit Purchases and credit Accounts Payable, $3,500.
• C) debit Accounts Payable and credit Purchases, $3,500.
• D) debit Accounts Payable and credit Inventory, $3,500.

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Definitions:

Advertising Campaigns

Advertising campaigns are organized series of promotional messages aimed at achieving specific goals, such as increasing brand awareness or sales, across various media channels.

Company's Reputation

The collective perception held by stakeholders about a company's integrity, quality, reliability, and customer interactions.

Short-Term Profits

Earnings realized over a quick period, often prioritized at the expense of long-term strategic goals or investments.

Variable Costs

Expenses that vary directly with the level of production or output, such as materials and labor.