Alphabet Company Buys Different Letters for Resale

question 51

Multiple Choice

Alphabet Company buys different letters for resale.It buys A thru J on January 1 at $4 per letter,and sells C on January 15.On February 1,it buys K and L at $6 per letter and sells A and K on February 9.It then buys M thru O on March 1 at $7 per letter and sells F,L,M,N,and O on March 19.If the company uses the LIFO method on a perpetual basis,what is the cost of goods sold for the three months ended March 31 (rounded to the nearest dollar) ?

• A)$32
• B)$41
• C)$45
• D)$56

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Definitions:

Convenience Sampling

Sampling based on convenience to the researcher.

Judgmental Sampling

A non-random sampling technique where the researcher selects units to be sampled based on their knowledge and professional judgment.

Network Sampling

A method of sample selection used in research that involves choosing participants through networks or connections within a specific population.

Stratified Random Sampling

Sampling in which randomly selected units from small or minority populations are forced into the sample to ensure that they are represented in proportion to their presence in the population.