Question: Refunds payable represents ________. A. the total amount of liabilities owed B. the estimated amount of refunds due C. the actual amount of refunds due

Refunds payable represents ________.

A.

the total amount of liabilities owed

B.

the estimated amount of refunds due

C.

the actual amount of refunds due

D.

the balance left over after accounts payable are paid

A company has the following inventory information and uses the periodic system:

June 1 Beginning Inventory

12

units at

$4

eachJune 10 Purchase

16

units at

$5

eachJune 11 Sale

10

units June 14 Sale

8

units

The company uses the FIFO method of inventory costing. What is the ending merchandise inventory?

A.

$90

B.

$50

C.

$38

D. 78

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