Rodriguez Company Had the Following Balances and Transactions During 2016

question 15

Multiple Choice

Rodriguez Company had the following balances and transactions during 2016:
$$\begin{array} { | l | l | } \hline \text { Beginning inventory } & 300 \text { units at } \$ 82 \\\hline 10 \text { March } & \text { Sold } 60 \text { units } \\\hline 10 \text { June } & \text { Purchased } 600 \text { units at } \$ 84 \\\hline 30 \text { October } & \text { Sold } 360 \text { units } \\\hline\end{array}$$
What would the ending inventory amount be as reported on the balance sheet at 31 December 2016 if the perpetual first-in,first-out costing method is used?

• A) $50,400
• B) $24,600
• C) $40,320
• D) $4920

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Definitions:

Deductive

Pertains to a logical process in which a conclusion follows necessarily from the stated premises, implying the conclusion is a direct consequence of the premises.

Inductive

A reasoning method that makes broad generalizations from specific observations.

Public Performances

Events where performers present one or more acts of entertainment to an audience in a public space.

Expensive Tickets

Tickets for events, travel, or other activities that have a high cost, often due to high demand, special access, or additional perks included.