The Following Information Was Taken from the Inventory Records of Hope

question 134

Multiple Choice

The following information was taken from the inventory records of Hope Corp.: $$\begin{array} { | l | l | } \hline \text { Dates } & \text { Inventory units } \\\hline \text { Inventory - Feb 1 } & 100 \text { units at } \$ 3.00 \\\hline \text { Purchases - April 1 } & 300 \text { units at } \$ 3.10 \\\hline \text { Purchases - July 15 } & 200 \text { units at } \$ 3.20 \\\hline \text { Units available for sale } & 600 \text { units } \\\hline & \\\hline \text { Sales - May 10 } & 200 \text { units at } \$ 6.00 \\\hline \text { Sales - November 15 } & 100 \text { units at } \$ 6.10 \\\hline\end{array}$$ What would be the ending inventory, assuming that the LIFO method is used in a periodic inventory system?

• A)$920
• B)$930
• C)$940
• D)$950

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Definitions:

Total Indirect NCI

Refers to the total non-controlling interest in a consolidated financial statement that arises from subsidiaries owned indirectly through other subsidiaries.

Retained Profits

Earnings not distributed to shareholders and held back by the company for reinvestment or to pay off debt.

Ultimate Parent

The highest level or top company in a corporate structure, which holds control over all subsidiary companies within the group.