Solved

Inventory Information for Great Falls Merchandising,Inc

Question 20

Multiple Choice

Inventory information for Great Falls Merchandising,Inc.is provided below.Sales for the period were 2,800 units for $8 each.The company uses a LIFO periodic inventory system. Inventory information for Great Falls Merchandising,Inc.is provided below.Sales for the period were 2,800 units for $8 each.The company uses a LIFO periodic inventory system. Determine the ending inventory at March 31. A) $3,400 B) $2,400 C) $10,200 D) $800 Determine the ending inventory at March 31.


A) $3,400
B) $2,400
C) $10,200
D) $800

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q15: Perch X,Inc.purchased goods with an invoice price

Q16: A company uses a periodic inventory system.If

Q17: Philipsburg Corporation sells mugs to fine retailers

Q18: Sailors,Inc.sold $100,000 of merchandise to Breyer,Inc.with terms

Q19: The periodic inventory method is a method

Q21: The main objective of the lower-of-cost-or-market rule

Q22: Tarheel Company purchases inventory from McGardy Wholesalers.The

Q23: On June 1,beginning inventory consists of ten

Q24: Inventory information for Cut Above,Inc.is provided below.Sales

Q25: An example of an internal control procedure