Indigo Ltd Uses the FIFO Assumption with the Periodic Inventory

question 14

Multiple Choice

Indigo Ltd uses the FIFO assumption with the periodic inventory method.
Units Unit Total
Cost cost
Beginning inventory 12 $10 $120
Purchase 10 $12 $120
Purchase 6 $11 $66
Sales during year were 16 units. What was the value assigned to the closing stock of this item at the end of the period?

• A) $66
• B) $120
• C) $138
• D) $144

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Definitions:

Scaling Questions

A technique used in solution-focused therapy to help clients rate their feelings, behaviors, or perceptions on a scale, facilitating awareness and goal setting.

Solution-Oriented Therapist

A therapist who focuses on identifying solutions to problems rather than dwelling on the problems themselves.

Exception-Finding Questions

Questions asked in therapy to help clients identify moments or contexts when their problems are less severe or absent, highlighting their abilities and resources.

Miracle Question

A technique used in therapy where individuals are asked to imagine that a miracle has happened overnight and their problem is solved, aiming to explore desired changes and goals.