A Company Had Inventory on November 1 of 5 Units

question 210

Multiple Choice

A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6, they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the FIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

• A)$304
• B)$296
• C)$288
• D)$280
• E)$276

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Definitions:

Underground Stem

A stem of a plant that grows beneath the surface of the soil, such as rhizomes or tubers, storing nutrients and helping in vegetative reproduction.

Endodermis

The deepest layer of cells within a plant root's cortex, acting as a selective filter that controls the movement of materials from the soil into the vascular core.

Epidermis

The outermost layer of cells in plants and animals, serving as a protective barrier against the environment.

Cortex

The outer layer of an organ or structure, such as the cerebral cortex of the brain, which is involved in various high-level functions including memory, attention, perception, awareness, thought, language, and consciousness.