A Company Sells a Climbing Kit and Uses the Periodic

question 97

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:

Line Managers

Directly contribute to the production of the organisation’s basic goods or services.

Quality Workforce

A workforce that possesses the skills, competencies, and attitudes necessary to perform their roles effectively and contribute to the organization's success.

Independent Unions

Independent unions refer to labor unions that are not affiliated with any larger national or international federation, focusing on representing the interests of employees within a specific organization or industry.

Industrial Relations

The study and management of employer-employee relationships, encompassing issues such as collective bargaining, labor law, and workplace disputes.