A Company Sells a Climbing Kit and Uses the Periodic

question 39

Multiple Choice

A company sells a climbing kit and uses the periodic inventory system to account for its merchandise.The beginning balance of the inventory and its transactions during January were as follows:
$\begin{array}{|l|l|}\hline \text { January 1: } & \text { Beginning balance of } 18 \text { units at } \$ 13 \text { each } \\\hline \text { January 12: } & \text { Purchased } 30 \text { units at } \$ 14 \text { each } \\\hline \text { January 19: } & \text { Sold } 24 \text { units at a selling price of } \$ 30 \text { each } \\\hline \text { January 20: } & \text { Purchased } 24 \text { units at } \$ 17 \text { each } \\\hline \text { January 27: } & \text { Sold } 27 \text { units at a selling price of } \$ 30 \text { each } \\\hline\end{array}$
If the ending inventory is reported at $357,what inventory method was used?

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

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Definitions:

Value Claiming

The process in negotiations where individuals aim to maximize their own gain, often at the expense of others.

Value Creation

The process of increasing the worth of goods, services, or business activities by enhancing features or improving efficiency.

Analysis

The process of examining components or structure of something to understand it better or draw conclusions.

Communication

The exchange of information or expression of ideas, feelings, or instructions through various means including speech, writing, or behavior.