The Following Units of an Inventory Item Were Available for Sale

question 79

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 FIFO is:

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

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Definitions:

Chloropyridine

Refers to pyridine molecules substituted with one or more chlorine atoms, used as intermediates in the synthesis of pesticides and drugs.

Pyridine

An aromatic heterocyclic compound with the formula C5H5N, featuring a ring structure similar to benzene but with one CH group replaced by a nitrogen atom.

Nitric Acid

A highly corrosive mineral acid (HNO3) widely used in the manufacture of fertilizers and explosives, and in various organic synthesis processes.

Sulfuric Acid

A highly corrosive, dense, oily liquid acid, H2SO4, used in a variety of industrial processes like fertilizer production and in lead-acid batteries.