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

question 65

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 LIFO inventory costing method, cost of goods sold for the month of June is:

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

---

Definitions:

Producing

The process of creating, manufacturing, or bringing forth goods and services for consumption or use.

Pizza

A popular dish of Italian origin consisting of a flat, round base of dough baked with a topping of tomato sauce and cheese, often with added meat, fish, or vegetables.

Production Possibility Frontier

A model that illustrates the trade-offs facing an economy that produces only two goods. It shows the maximum quantity of one good that can be produced for any given quantity produced of the other.

Autarky Price

The price of a good or service in a closed economy that does not engage in trade with other economies.