Addison, Inc -Use the Information for Addison, Inc

question 55

Multiple Choice

Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:
$\begin{array} { r l l } \text { Sept. } 1 & \text { Inventory } & 20 \text { units at } \$ 20 \\ 4 & \text { Sale } & 10 \text { units } \\ 10 & \text { Purchase } & 30 \text { units at } \$ 25 \\ 17 & \text { Sale } & 20 \text { units } \\ 30 & \text { Purchase } & 10 \text { units at } \$ 30 \end{array}$
-Use the information for Addison, Inc. If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is

• A) $800
• B) $650
• C) $750
• D) $700

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Definitions:

Employees

Individuals who are hired by a business or organization to perform specific duties in exchange for compensation such as wages, salary, or other benefits.

Agents

Representatives authorized to act on behalf of another person or entity, often in business or legal matters.

Minor

An individual under the age of majority, which is legally recognized as an adult, typically 18 or 21 years old in most jurisdictions.

Legally Act

To perform actions or conduct oneself in a manner that is in accordance with the law.