The Following Information for Year 2 Is Taken from the Accounts

question 108

Multiple Choice

The following information for Year 2 is taken from the accounts of Tuttle Company.The company uses the periodic inventory system.

Based on this information,what is the inventory at December 31,Year 2?

• A)$55,200
• B)$24,400
• C)$38,800
• D)$40,400

---

Definitions:

Intangible

An asset that lacks physical substance, such as intellectual property, brand names, or goodwill.

Operations

Operations refer to the day-to-day activities involved in the running of a business for the purpose of producing value for the stakeholders.

Useful Life

The estimated time period that an asset is expected to be usable for the purpose it was acquired.