Use This Information to Answer the Following Question

question 35

Multiple Choice

Use this information to answer the following question.
-A periodic inventory system is used;ending inventory is 147 units.
What is ending inventory under FIFO?

• A)$1,382
• B)$1,582
• C)$1,282
• D)$1,482

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Definitions:

Homogeneous

A description of products or services that are identical in quality and cannot be distinguished from one another by consumers.

Monopolistically Competitive

Describing a market structure where many companies sell products that are similar but not identical, leading to competitive prices and product differentiation.

Demand Schedule

A chart that displays the quantity of a good or service demanded at various prices.

Price Elastic

The measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting its elasticity.