The Following Information Pertains to Julia & Company: March 1 $= 30$

question 177

Multiple Choice

The following information pertains to Julia & Company: March 1 Beginning inventory $= 30$ units $@ \$ 5$
March3 Purchased15 units@\$4
March 9 Sold 25 units $@ \$ 8$ What's the ending balance of inventory for Julia & Company assuming that it uses FIFO?

• A) $125
• B) $100
• C) $110
• D) $85

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Definitions:

Investing Activities Section

Part of the cash flow statement that shows the cash spent on and received from investments in assets, loans, and other business activities.

Book Value

The value of an asset as recorded on a company’s balance sheet, representing the cost of the asset minus accumulated depreciation.

Gain

An increase in equity resulting from the sale of an asset for more than its purchase price or carrying value, not related to the company's primary operations.

Accounts Receivable

Represents money owed to a company by its clients or customers for goods or services that have been delivered or used but not yet paid for.