Use This Information to Answer the Following Question A Periodic Inventory System Is Used

question 62

Multiple Choice

Use this information to answer the following question. $\begin{array}{llll}\text { Feb. } & 1 & \text { Inventory } & 200 \text { units @ } \$ 6.00 \\& 6 & \text { Purchase } & 300 \text { units } @ \$ 6.60\\&13 & \text { Purchase } & 100 \text { units } @ \$ 7.20 \\&20 & \text { Purchase } & 200 \text { units } @ \$ 7.80 \\&25 & \text { Purchase } & 40 \text { units @ } \$ 8.40 \\&&\text { Total sales }& 620 \text { units }\end{array}$

A periodic inventory system is used.
Using FIFO,the cost assigned to ending inventory is

• A) $4,056.
• B) $1,332.
• C) $1,740.
• D) $4,464.

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Definitions:

Amacrine Cell

A lateral interneuron in the retina of the eye; receives signals from bipolar cells and sends signals back to them or to ganglion cells.

Bipolar Cell

A type of neuron found in the eyes that conducts signals from the photoreceptors to the ganglion cells, integral in the visual pathway.

Cone

(1) In botany, a reproductive structure in many gymnosperms that produces either microspores or megaspores. (2) In zoology, one of the conical photoreceptive cells of the retina that is particularly sensitive to bright light and, by distinguishing light of various wavelengths, mediates color vision. Compare with rod.

Compound Eye

A type of eye found in some arthropods, consisting of multiple small visual units that provide a wide field of vision and the ability to detect movement.