The Following Units of an Inventory Item Were Available for Sale

question 42

Multiple Choice

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 LIFO is:

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

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Definitions:

Custom Framing

The process or service of creating personalized frames designed to specific dimensions, materials, and styles to enhance or preserve artworks, photographs, and other valuable items.

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Official documents that provide information about a company's financial performance, position, and cash flows over a specific period.

Profitability

The ability of a business to generate earnings over costs and expenses, indicating its financial success and sustainability.

Art Supplies

Materials, tools, and equipment used for artistic activities such as painting, drawing, and sculpting.