Acme-Jones Corporation Uses a FIFO Perpetual Inventory System

question 50

Multiple Choice

Acme-Jones Corporation uses a FIFO perpetual inventory system.
August 2,25 units were purchased at $12 per unit.
August 5,10 units were purchased at $13 per unit
August 15,12 units were sold at $25 per unit.
August 18,15 units were purchased at $14 per unit.
What was the amount of the ending inventory for the month of August?

• A)$496.00
• B)$486.00
• C)$492.57
• D)$300.00
• E)$510.00

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Definitions:

Lorenz Curve

The Lorenz curve is a graphical representation of the distribution of income or wealth within a society, illustrating inequalities.

Income Inequality

The unequal distribution of an economy’s total income among households or families.

Gini Curve

A graphical representation of the distribution of income or wealth within a society, used to measure economic inequality.

Quintile Distribution

A method of dividing a population into five equal groups based on their income levels or other measures.