Use the Following to Answer Questions

question 68

Multiple Choice

Use the following to answer questions:
Figure: Bananas
-(Figure: Bananas) If there is a $3 tariff on bananas, what is the total tariff revenue?

• A) $135,000
• B) $180,000
• C) $270,000
• D) $360,000

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Definitions:

Periodic Inventory System

An inventory accounting system where the inventory balance is updated at the end of the accounting period through a physical count.

Beginning Inventory

The value of the stock of goods a company has available for sale at the start of an accounting period.

Merchandise Purchases

The total cost of goods bought for resale during an accounting period. This includes both cash and credit purchases.

Periodic Inventory System

An inventory accounting method where updates to inventory levels are made at specific intervals, not continuously.