A Company Sells a Climbing Kit and Uses the Periodic

question 23

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:

Work-Life Balance

The equilibrium between professional responsibilities and personal life, aiming for a healthy management of work and leisure activities.

Advancement Stage

A phase in personal or professional development where skills and responsibilities are increased.

Career Stage Model

A theoretical framework that describes the various phases of an individual's career, typically including stages such as exploration, establishment, maintenance, and decline.

Upward Mobility

The possibility or ability of individuals to rise in socio-economic status, often through education, training, or opportunities in their careers.