A Company Markets a Climbing Kit and Uses the Perpetual

question 23

Multiple Choice

A company markets a climbing kit and uses the perpetual inventory system to account for its merchandise.The beginning balance of the inventory and its transactions during
January were as follows:
$\begin{array}{|l|l|}\hline \text { January 1: } & \text { Beginning balance of } 18 \text { units at } \$ 13 \text { each. } \\\hline \text { January 12: } & \text { Purchased } 30 \text { units at } \$ 14 \text { each. } \\\hline \text { January 19: } & \text { Sold } 24 \text { units at } \$ 30 \text { selling price each. } \\\hline \text { January 20: } & \text { Purchased } 24 \text { units at } \$ 17 \text { each } \\\hline \text { January 27: } & \text { Sold } 27 \text { units at } \$ 30 \text { selling price each. } \\\hline\end{array}$

If the ending inventory is reported at $276,which inventory method was used?

• A) LIFO method
• B) FIFO method
• C) Weighted-average method
• D) Specific identification method
• E) Retail inventory method

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Definitions:

Customer Relationship

The interactions and engagement between a business and its customers, aiming to improve satisfaction, loyalty, and ultimately sales.

Direct Marketing

A type of advertising strategy that involves communicating directly with targeted customers through various channels to promote products or services.

Marketing Strategies

Approaches adopted by a company to attract customers, influence their preferences, and maintain customer loyalty towards their product or service.

Personal Selling

A sales approach where individuals promote products or services through direct communication with potential buyers.