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:

Brand Names

Distinctive titles given to products or services by companies to differentiate them from competitors.

Intangibility

A characteristic of services that cannot be seen, touched, or measured before they are bought.

Off-Peak Pricing

Pricing strategy that offers lower prices during times of decreased demand to stimulate consumption.

Capacity Management

Integrating the service component of the marketing mix with efforts to influence consumer demand.