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:

Task Forces

Special groups formed temporarily to address specific issues or problems within an organization.

Work Groups

Teams or groups of individuals who collaborate together to achieve common goals or complete specific tasks within an organization.