A Company Had the Following Purchases During the Current Year

question 30

Multiple Choice

A company had the following purchases during the current year:
$\begin{array}{|l|l|}\hline \text { January: } & 10 \text { units at } \$ 120 \\\hline \text { February: } & 20 \text { units at } \$ 130 \\\hline \text { May: } & 15 \text { units at } \$ 140 \\\hline \text { September: } & 12 \text { units at } \$ 150 \\\hline \text { November: } & 10 \text { units at } \$ 160\\\hline\end{array}$
On December 31,there were 26 units remaining in ending inventory.These 26 units consisted of 2 from January,4 from February,6 from May,4 from September and 10 from November.Using the specific identification method,what is the cost of the ending inventory?

• A)$3,500
• B)$3,800
• C)$3,960
• D)$3,280
• E)$3,640

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Definitions:

Population Growth

Population growth is the increase in the number of individuals in a population, often measured by the birth rate minus the death rate plus net migration.

Oil Boom

A period of significant economic growth due to the discovery or exploitation of oil resources.

Migration

Movement of people from one geographic area to another for the purpose of resettling.

Demographic Data

Collected statistical data about the characteristics of a population, such as age, sex, income level, and education, for analysis and policy-making.