Given the Following Information, Determine the Cost of Ending Inventory

question 206

Multiple Choice

Given the following information, determine the cost of ending inventory at December 31 using the LIFO perpetual inventory method. December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.

• A)$51.75
• B)$83.22
• C)$41.30
• D)$94.00
• E)$50.75

Understand the components and structure of a statement of cash flows.

Identify and categorize transactions in the investing and financing sections of the statement of cash flows.

Analyze changes in balance sheet accounts to determine their effects on cash flows.

Calculate net cash provided by operating activities using both indirect and direct methods, when required.

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Definitions:

Somatic Motor Neuron

A type of neuron that sends impulses from the central nervous system to skeletal muscle cells, causing them to contract.

Autonomic Ganglion

A cluster of nerve cells that are part of the autonomic nervous system, which controls involuntary bodily functions.

Effector Organ

Any organ or tissue that responds to nerve impulses by performing a specific function, such as a muscle contracting or a gland secreting hormones.

Sympathetic Effect

The body's response to stress, often described as the "fight or flight" reaction, mediated by the sympathetic nervous system.