A Company Had the Following Purchases and Sales During Its

question 193

Multiple Choice

A company had the following purchases and sales during its first year of operations: $$\begin{array} { | l | l | l | } \hline & \text { Purchases } & \text { Sales } \\\hline \text { January. } & 10 \text { units at \$120 } & 6 \text { units } \\\hline \text { February. } & 20 \text { units at \$125 } & 5 \text { units } \\\hline \text { May. } & 15 \text { units at \$130 } & 9 \text { units } \\\hline \text { September: } & 12 \text { units at \$135 } & 8 \text { units } \\\hline \text { November: } & 10 \text { units at \$140 } & 13 \text { units } \\\hline\end{array}$$ On December 31, there were 26 units remaining in ending inventory.
-Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

• A) $3,200.
• B) $3,405.
• C) $5,400.
• D) $3,364.
• E) $3,270.

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Definitions:

Structuralist

Structuralism is an approach in fields such as psychology which posits that elements of human culture must be understood in terms of their relationship to a larger, overarching system or structure.

Reductionist

A perspective or approach that simplifies complex phenomena by reducing them to their basic elements.

Unconscious Desires

Unconscious Desires are wishes, wants, or needs that an individual is not aware of but that influence behaviors and can be revealed through dreams, slip of the tongue, or psychoanalytical methods.

Mental Gestalts

Integrated patterns or configurations that arise from the psychological organization of thoughts, perceptions, or experiences.