Use This Information to Answer the Following Question

question 104

Multiple Choice

Use this information to answer the following question. A periodic inventory system is used.
Using LIFO,the cost assigned to ending inventory is

• A)$3,480.
• B)$8,112.
• C)$2,664.
• D)$8,928.

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Definitions:

Unearned Interest

Interest that has been collected on a loan by a lender but not yet earned because the loan principal has not been fully disbursed.

Bargain Purchase Option

A clause in a lease agreement allowing the lessee to purchase the leased asset at the end of the lease term at a price significantly below its expected fair market value.

Executory Costs

Expenses related to executing a contract, such as maintenance and insurance costs, that are typically incurred over the contract's term.