Use This Information to Answer the Following Question

question 86

Multiple Choice

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

• A)$3,480.
• B)$8,112.
• C)$2,664.
• D)$8,928.

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Definitions:

Optimal Time Allocation

The most efficient distribution of one's time across various activities to maximize overall benefit.

Substitution Effect

The change in the quantity of a good consumed as the consumer substitutes other goods that are now relatively cheaper in place of the good that has become relatively more expensive.

Leisure

The time available for purposes other than earning money to buy marketed goods.

Nonmarket Use

Utilization or value derived from a good or service outside of commercial or financial transactions, typically involving public or shared resources.