Diligent Ltd Had 5 Units of the Commodity Algo on Hand

question 14

Multiple Choice

Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016.The following purchases and sales were made during September:
-What was the value of ending inventory of Algo,using the LIFO assumption in a periodic inventory system?

• A) $1580
• B) $1480
• C) $1460
• D) $1590

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Definitions:

Cash Collections

The total amount of money received from customers over a period, including payments for goods or services sold.

Schedule Of Cash Collections

A detailed plan that shows when a company expects to receive cash from accounts receivable or other revenue sources.

Direct Labor Budget

A direct labor budget is a financial plan that estimates the total cost of direct labor required to meet the production needs of a business.

Direct Labor-hours

The total hours worked directly on the production of goods.