At the End of Last Year, Games-2-Use Had Goods Costing

question 106

Multiple Choice

At the end of last year, Games-2-Use had goods costing $140,000 in inventory. During January of the current year, the company purchased goods costing $102,000, and sold goods that it had purchased at a total cost of $84,000. Games-2-Use uses a perpetual inventory system.
-The balance in the Inventory account at 31 January was:

• A) $84,000.
• B) $140,000.
• C) $158,000.
• D) $242,000.

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating how much the numbers in the dataset deviate from the mean average.

Variance

A measure of the dispersion, indicating how much the values in a dataset differ from the mean.

Measures of Variability

Statistical calculations that describe the distribution or spread of data points within a dataset, such as standard deviation, variance, and range.

Commonly Reported

Refers to data or outcomes that are frequently observed and recorded in a particular area of study or field of research.