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A Company Sells a Climbing Kit and Uses the Periodic

Question 101

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: 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 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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