A Company Sells Garden Hoses and Uses the Perpetual Inventory

question 92

Multiple Choice

A company sells garden hoses and uses the perpetual inventory system to account for its merchandise.The beginning balance of the inventory and its transactions during September were as follows: September 1: Beginning balance of 18 units at $13 each
September 12: Purchased 30 units at $14 each
September 19: Sold 24 units at $30 selling price each
September 20: Purchased 24 units at $17 each
September 27: Sold 27 units at $30 selling price each
If the ending inventory is reported at $276,what inventory method was used?

• A)LIFO method.
• B)FIFO method.
• C)Weighted average method.
• D)Specific identification method.
• E)Retail inventory method.

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Definitions:

Social Sources

The origins from which individuals or organizations obtain social support, norms, or influences.

Distributive Justice Principle

A concept in social psychology concerning the fair allocation of resources among diverse members of a community.

Goal Setting

The process of defining specific, measurable, achievable, relevant, and time-bound objectives that motivate and direct action.

Self-concept

An individual's perception of themselves, including their beliefs, feelings, and self-image.