A Corporation Uses a FIFO Perpetual Inventory System

question 102

Multiple Choice

A corporation uses a FIFO perpetual inventory system. August 2, 25 units were purchased at $12 per unit.
August 5, 10 units were purchased at $13 per unit.
August 15, 12 units were sold at $25 per unit.
August 18, 15 units were purchased at $14 per unit.
What was the amount of the ending inventory for the month of August?

• A)$496.00
• B)$486.00
• C)$492.57
• D)$300.00
• E)$510.00

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Definitions:

Mannerist

An artistic style that emerged in the later years of the Italian Renaissance, around the 1520s, characterized by artificiality, elongated proportions, and a departure from the balanced compositions and harmony typical of the High Renaissance.

Melencolia I

An enigmatic engraving created by the German Renaissance artist Albrecht Dürer in 1514, depicting a winged female figure thought to symbolize melancholy.

Optimistic Note

An expression or remark characterized by hopefulness and confidence about the future or the successful outcome of something.

Doctrinal Differences

Variations and disagreements in the doctrinal beliefs and teachings among different religious or ideological groups.