Use the Information Below to Answer the Following Questions The Firm Uses the Periodic Inventory System

question 18

Multiple Choice

Use the information below to answer the following questions.
The following units of an inventory item were available for sale during the year:

$\begin{array}{ll}\text { Beginning inventory } & 10 \text { units at } \$ 55 \\\text { First purchase } & 25 \text { units at } \$ 60 \\\text { Second purchase } & 30 \text { units at } \$ 65 \\\text { Third purchase } & 15 \text { units at } \$ 70\end{array}$ The firm uses the periodic inventory system. During the year, 60 units of the item were sold.?
-The value of ending inventory using FIFO is?

• A) $1,250
• B) $1,350
• C) $1,375
• D) $1,150

---

Definitions:

Admissions Process

The sequence of steps or procedures carried out by educational institutions to select students for enrollment.

Regression Analysis

A statistical method that investigates the relationship between a dependent variable and one or more independent variables.

Scatter Plot

A type of plot or mathematical diagram using Cartesian coordinates to display values for typically two variables for a set of data, highlighting the degree of correlation between them.

Constant

A fixed value that does not change in mathematical equations or in the analysis of data.