A Company Sells a Climbing Kit and Uses the Periodic

question 62

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:

Hertz

A unit of frequency in the International System of Units (SI), equal to one cycle per second.

Decibels

The units of measurement for sound intensity, indicating the loudness of sounds on a logarithmic scale.

Amplitude

The maximum extent of a vibration or oscillation, measured from the position of equilibrium.

Hertz

In the International System of Units (SI), the measure of frequency that is equivalent to one cycle every second.