A Company Sells a Climbing Kit and Uses the Periodic

question 97

Multiple Choice

A company sells a climbing kit and uses the periodic inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows: If the ending inventory is reported at $357, what inventory method was used?

• A) LIFO.
• B) FIFO.
• C) Weighted average.
• D) Specific identification.
• E) Retail inventory method.

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Definitions:

Ocean Waves

Rhythmic movements of the water in oceans and seas, often caused by wind or geological factors.

Ultraviolet Radiation

A form of electromagnetic radiation with a wavelength shorter than that of visible light but longer than X-rays, capable of producing sunburn.

Tides

The regular rise and fall of sea levels caused by the gravitational forces exerted by the Moon and the Sun on the Earth's oceans.

Exposed Rock

Areas where bedrock, or the solid rock underlying loose deposits such as soil, is visible on the surface without any vegetation or soil covering it.