A Company Has Beginning Inventory of 15 Units at a Cost

question 94

Multiple Choice

A company has beginning inventory of 15 units at a cost of $12 each on October 1.On October 5,it purchases 10 units at $13 per unit.On October 12 it purchases 20 units at $14 per unit.On October 15,it sells 30 units.Using the FIFO periodic inventory method,what is the value of the inventory at October 15 after the sale?

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

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Definitions:

Delegating Authority

The act of transferring decision-making power and responsibility from one individual to another, typically from a higher to a lower level in an organization.

Negotiable Instruments

Financial instruments that are transferable by endorsement or delivery, allowing the holder to take possession of the funds, such as checks or promissory notes.

UCC

The extensive legal provisions of the Uniform Commercial Code cover all forms of commercial transactions occurring in the United States.

Commercial Transactions

Deals or agreements between parties that involve the exchange of goods, services, or funds in the course of business operations.