Millibrand Co Uses a Periodic Inventory System with the Specific

question 25

Multiple Choice

Millibrand Co uses a periodic inventory system with the specific identification method of cost assignment.
Date Units Unit cost
$
Beginning inventory July 1 1000 9
Purchase 12 2000 11
Purchase 26 1000 12
On 27 July 500 units from beginning inventory and 1000 units from the 12 July purchase were sold. What was the value of ending inventory at 31 July?

• A) $20 500
• B) $23 000
• C) $27 500
• D) $28 500

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Definitions:

Foreign Keys

Database elements that establish a relationship between tables by referencing the primary key of another table, ensuring data consistency.

KMS Cycle

Knowledge Management System Cycle, which refers to the process of creating, sharing, using, and managing the knowledge and information of an organization.

KMS Cycle

Knowledge Management System Cycle, which refers to the processes of creating, sharing, using, and managing the knowledge and information of an organization.

Process Diagram

A visual representation of the steps, sequences, and processes involved in the operation or flow of a specific system or procedure.