The following units of an inventory item were available for sale during the year: UnitUnit Cost Beginning inventory15$55 First purchase2660 Second purchase3365 Third purchase1570 The firm uses the periodic inventory system. During the year, 64 units of the item were sold. The value of ending inventory using FIFO is

Suppose the price of frozen yogurt, a substitute for ice cream, increases. what happens to equilibrium price and quantity of ice cream? a. the price and quantity of ice cream both increase b. the price and quantity of ice cream both decrease c. the price of ice cream increases and the quantity decreases d. the price of ice cream decreases and the quantity increases

If jobs have been undercosted due to underallocation of manufacturing overhead, then cost of goods sold (cogs) is too low and which of the following corrections must be made? a. decrease cogs for double the amount of the underallocation b. increase cogs for double the amount of the underallocation c. decrease cogs for the amount of the underallocation d. increase cogs for the amount of the underallocation

You hear your supervisor tell another supervisor that a fire drill will take place later today when the fire alarm sounds that afternoon you should