Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers:

Date	Transaction	Number of Units	Cost per Unit
1/1	Beginning Inventory	250	$950
5/5	Purchase	350	$1,050
8/10	Purchase	450	$1,150
10/15	Purchase	275	$1,200

During the year, Lauer sold 1,125 laptop computers. What was ending inventory using the FIFO cost flow assumption?

$190,000.

$239,500.

$210,000.

$240,000.

A corporation has $90,000 in total assets, $31,000 in total liabilities, and a $18,000 credit balance in retained earnings. What is the balance in the contributed capital account? rev: 05-04-2011

	$49,000
	$41,000
	$77,000
	$59,000