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

---

Definitions:

Ancient Society

Human societies that existed in a time period that could be considered ancient or prehistoric, often characterized by early developments in social organization, culture, and technology.

Continuous Matter

A classical concept describing matter as an infinitely divisible entity, unlike the quantum concept which describes matter in terms of discrete particles.

Observable Properties

Characteristics of a substance that can be determined through direct observation or with the help of simple tests without changing the substance's identity.

Rational Arguments

Reasoning conducted or assessed according to strict principles of validity.