Use This Information to Answer the Following Question

question 70

Multiple Choice

Use this information to answer the following question. A periodic inventory system is used.
Using the specific identification method and assuming that 50 of the items left are from the February 13 purchase and the rest are from the February 20 purchase, the cost assigned to ending inventory is

• A) $1,920.
• B) $1,656.
• C) $1,686.
• D) $1,588.

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Definitions:

Variance

The measure of dispersion that represents the average of the squared differences from the mean of a data set.

Oil Firm

A company involved in the exploration, production, refinement, or sale of oil and oil products, often playing a significant role in the energy sector.

Striking Oil

Discovering a significant and valuable amount of oil during drilling activities.

Ford Dealership

A business authorized by the Ford Motor Company to sell and service Ford vehicles.