Nichols,Inc.had the Following Balances and Transactions During 2018

question 108

Multiple Choice

Nichols,Inc.had the following balances and transactions during 2018:

What would be reported for Ending Merchandise Inventory on the balance sheet at December 31,2018 if the perpetual inventory system and the first-in,first-out inventory costing method are used?

• A)$6,400
• B)$51,000
• C)$37,400
• D)$24,000

---

Definitions:

Shrine Doors

The entryways to a shrine, often elaborately designed or decorated, serving as a threshold to a sacred or holy interior.

Yoruba Sculptor

An artist belonging to the Yoruba people, predominantly found in Nigeria, known for their highly stylized and often spiritually significant sculptures.

Olowe Of Ise

A celebrated Yoruba artist from Nigeria, known for his masterful wood carvings and sculptures crafted in the early 20th century.

Kongo Nkisi N'kondi

A power figure from the Kongo culture, intended to house spirits, using nails and blades to activate its spiritual potency.