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:

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specific time frame.

Amnesty Program

A governmental initiative that pardons certain offenses or groups, often used to regularize undocumented immigrants or relieve individuals from legal penalties.

Legal Immigration

The process by which individuals move to another country to live permanently in accordance with the laws and regulations of the host country.

Magnet Countries

Nations that attract a large number of immigrants due to their strong economies, political stability, and/or quality of life.