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

---

Definitions:

Homogeneity

The quality or state of being all the same or all of the same kind, often used in social and biological contexts to describe uniformity within a group.

Curricula

The subjects comprising a course of study in a school or college.

Academic Skills

The set of skills necessary for studying and learning effectively in educational settings, including critical thinking, research, writing, and analysis.

Lower Classes

Social groups occupying the lower positions in a hierarchical classification of socioeconomic status based on income, education, occupation, and social status.