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

question 7

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 perpetual 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:

Medial Prefrontal Cortex

A brain region involved in decision making, social behavior, and integrating various aspects of emotional and cognitive processes.

Dorsolateral Prefrontal

An area of the prefrontal cortex involved in executive functions such as working memory, cognitive flexibility, planning, inhibition, and abstract reasoning.

Visual Memory

The ability to remember or recall information such as objects, symbols, or scenes, processed by the visual system.

Left Frontal

Pertaining to the left front part of the brain, which is associated with functions such as reasoning, planning, parts of speech, and movement.