A Company's Inventory Records Report the Following On August 15,it Sold 30 Units

question 246

Multiple Choice

A company's inventory records report the following:
$$\begin{array} { | l | l | l | } \hline \text { August 1 } & \text { Beginning balance } & 15 \text { units @ \$12 } \\\hline \text { August 5 } & \text { Purchase } & 10 \text { units @ \$13 } \\\hline \text { August 12 } & \text { Purchase } & 20 \text { units @ \$14 } \\\hline\end{array}$$
On August 15,it sold 30 units.Using the FIFO perpetual inventory method,what is the value of the inventory at August 15 after the sale?

• A) $140
• B) $160
• C) $210
• D) $380
• E) $590

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Definitions:

Real Estate Contracts

Legally binding agreements related to the purchase, sale, lease, or exchange of real property.

Substantial Performance

A legal concept that occurs when a party has completed the major obligations of a contract, entitling them to payment.

Willful Departure

An intentional decision by an employee to leave their job or position without a legitimate reason or notification to the employer.

Anticipatory Repudiation

Occurs when one party involved in a contract indicates in advance that they will not fulfill their contractual obligations, allowing the other party to take legal action.