A Firm Has Beginning Inventory of 300 Units at a Cost

question 70

Multiple Choice

A firm has beginning inventory of 300 units at a cost of $11 each.Production during the period was 650 units at $12 each.If sales were 700 units,what is the cost of goods sold (assume FIFO) ?

• A) $9,000
• B) $8,000
• C) $7,700
• D) $8,100

---

Definitions:

Adolescents

Individuals in the developmental stage between childhood and adulthood, often considered to start with puberty.

Marcia's Model

A framework developed by James Marcia that expands on Erikson's stages, focusing on adolescent identity development through the exploration of commitment and crisis in various life areas.

Identity Development

The process through which people develop a distinct sense of self and their roles in society, often shaped by various personal and social factors.

Identity Foreclosure

A stage in Erik Erikson's theory of identity development where an individual commits to an identity without exploring options, often conforming to parental or societal expectations.