On June 1, Corona Company Had 40 Units of Inventory

question 67

Multiple Choice

On June 1, Corona Company had 40 units of inventory at a cost of $6 each.June purchases and sales were as follows: $\begin{array}{llll}&\text { Purchases }&&\text { Sales }\\ \text { June } 5 & 10 \text { units } @ \$ 8 & \text { June } 4 & 20 \text { unit } \\12 & 20 \text { units } @ \$ 10 & 20 & 12 \text { unit }\\25& 10 \text { units } \$ 16\end{array}$
The cost of goods sold during June was $272.Corona must use:

• A)FIFO
• B)LIFO perpetual
• C)weighted average
• D)LIFO periodic

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Definitions:

Customer Service

The assistance and support provided by a company to its customers before, during, and after the purchase of a product or service.

Time-Driven

An approach that bases analysis, activities, or costing on the amount of time required to complete certain tasks or processes.

Activity-Based Costing

A costing method that assigns overhead and indirect costs to related products and services based on their consumption of resources.

Preparing Deliveries

The process involved in getting goods ready for shipment to customers, including packaging, labeling, and coordinating logistics.