The Following Units of an Inventory Item Were Available for Sale

question 6

Multiple Choice

The following units of an inventory item were available for sale during the year: 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) $1,150
• C) $1,275
• D) $1,050

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Definitions:

Privity of Contract

A doctrine in contract law stating that only parties involved in the contract have the right to sue or be sued on its terms.

Assignments

The transfer of rights, property, or responsibilities from one party to another, often used in the context of legal and academic settings.

Contractual Relationship

A legal bond between parties, created by an agreement, that outlines rights and obligations.

Parol Evidence Rule

A principle that courts will not permit outside evidence to contradict clear wording of a contract.