Under the LIFO Flow Assumption, the Cost of This Item

question 51

Multiple Choice

Under the LIFO flow assumption, the cost of this item to be included as inventory in the company's year-end balance sheet is:

• A) $36,000.
• B) $42,000.
• C) $36,500.
• D) $37,500.

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Definitions:

Weekly Salaries

The amount of money or compensation given to an employee for one week of work.

Teaching Experience

The accumulated amount of time and expertise gained by an individual in the field of education, through the act of instructing or training learners.

Weights

Objects, often made of metal, used during exercise to increase strength or resistance training.

Heights

The measurement of how tall something or someone is, or the vertical distance from the bottom to the top.