La Brea, Inc La Brea, Inc

question 63

Multiple Choice

La Brea, Inc.reported sales of $1, 200 in May and a gross profit of $370.The company had a May 1 inventory of 60 units that had a total cost of $300.May purchases and sales were as follows: $\begin{array}{llll}&\text { Purchases }&&\text { Sales }\\ \text { May } 7 & 40 \text { units } @ \$ 6 & \text { May } 2 & 20 \text { unit } \\10 & 20 \text { units } @ \$ 7 & 8 & 40 \text { units } \\18 & 40 \text { units } @ \$ 8 & 12 & 10 \text { unit } \\24 & 20 \text { units } @ \$ 9 & 20 & 20 \text { unit } \\28 & 20 \text { units } @ \$ 10 & 26 & 30 \text { unit }\end{array}$
La Brea, Inc., must use

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

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Definitions:

Collagen

A protein that is the main component of connective tissues in animals, providing structure and strength to skin, bones, tendons, and ligaments.

Tendons

Fibrous connective tissues that attach muscles to bones, facilitating movement.

Hypermobility

A condition where joints can move beyond the normal range of motion, often due to genetic variations in connective tissue.

Body Mechanics

The application of kinesiology to use the body in an efficient and safe manner during daily activities to avoid injury.