Given the Following Information, What Would the Ending Inventory Value

question 98

Multiple Choice

Given the following information, what would the ending inventory value be on December 31 under the LIFO method in a periodic inventory system? $$\begin{array} { | l | l | } \hline \text { Dates } & \text { Units of Inventory } \\\hline \text { Opening Inventory } & 200 \text { units at } \$ 5.00 \\\hline \text { Purchases: } & \\\hline \text { April } 12 & 300 \text { units at } \$ 5.10 \\\hline \text { July 7 } & 400 \text { units at } \$ 5.25 \\\hline \text { Sales: }& \\\hline \text { August } 12 & 100 \text { units at } \$ 8.00 \\\hline \text { December } 15 & 500 \text { units at } \$ 8.20 \\\hline\end{array}$$

• A)$1,510
• B)$1,575
• C)$2,075
• D)$3,120

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Definitions:

Critical Flicker Fusion

The frequency at which an intermittent light stimulus appears to be completely steady to the average human observer.

16 Fps

A frame rate of 16 frames per second, commonly used in early silent films to create motion.

24 Fps

The standard frame rate for cinema, making up the number of individual frames or images displayed per second in a film.

Persistence of Vision

This is the phenomenon where the human eye retains an image for a brief moment after its source has been removed, foundational to the illusion of motion in film.