Use This Information to Answer the Following Question

question 12

Multiple Choice

Use this information to answer the following question. A periodic inventory system is used.
Using FIFO, the cost assigned to ending inventory is

• A) $4,056.
• B) $1,332.
• C) $1,740.
• D) $4,464.

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Definitions:

Race-Notice Statute

A law pertaining to real estate which gives priority to the first party to record an interest in a property, provided that party did not have notice of any other claims at the time of recording.

Grant Superior Title

The process of transferring a higher quality or clearer title to property, often used to resolve issues or disputes regarding property ownership.

Constructive Eviction

In landlord–tenant law, a breach of duty by the landlord that makes the premises uninhabitable or otherwise deprives the tenant of the benefit of the lease and gives rise to the tenant’s right to vacate the property and terminate the lease.

Commercial Property

Real estate property that is used for business activities.