Use the Information Below to Answer the Following Questions The Firm Uses the Periodic Inventory System

question 18

Multiple Choice

Use the information below to answer the following questions.
The following units of an inventory item were available for sale during the year:

$\begin{array}{ll}\text { Beginning inventory } & 10 \text { units at } \$ 55 \\\text { First purchase } & 25 \text { units at } \$ 60 \\\text { Second purchase } & 30 \text { units at } \$ 65 \\\text { Third purchase } & 15 \text { units at } \$ 70\end{array}$ The firm uses the periodic inventory system. During the year, 60 units of the item were sold.?
-The value of ending inventory using FIFO is?

• A) $1,250
• B) $1,350
• C) $1,375
• D) $1,150

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Definitions:

Biofeedback Training

A technique that teaches individuals how to control physiological functions through monitoring and feedback from instruments.

Meditation

A practice where an individual uses a technique to focus their mind on a particular object, thought, or activity to achieve mental clarity and emotional calmness.

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Scholars and clinicians who focus on unconscious psychological processes and believe that childhood experiences are crucial in shaping adult personality.

Primary Gain

The internal psychological benefits derived from the symptoms of an illness, often serving to relieve anxiety or conflict.