Portey Company Portey Uses a Perpetual Inventory System and Had the Following

question 69

Multiple Choice

Portey Company
Portey uses a perpetual inventory system and had the following inventory transactions for the month of June.

- Refer to the information provided for Portey. If Portey uses the FIFO inventory costing method, cost of goods sold for the month of June is:

• A) $1,932.00.
• B) $1,901.00.
• C) $2,942.00.
• D) $1,917.00.

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Definitions:

Chlorophyll

A green pigment found in the chloroplasts of plants, algae, and some bacteria, essential for photosynthesis as it absorbs light energy to convert carbon dioxide and water into glucose.

Mitochondrion

An organelle found in large numbers in most cells, in which the biochemical processes of respiration and energy production occur. It has a double membrane, the inner layer being folded inward to form layers (cristae).

Chloroplast

Organelle of photosynthesis in plants and photosynthetic protists. Light-dependent reactions occur at its inner thylakoid membrane; light-independent reactions, in the stroma.

Thylakoid Membrane

A membrane-bound structure within chloroplasts that contains chlorophyll, where the light-dependent reactions of photosynthesis occur.