Use the Following Information for Questions Below
a Company Had

question 13

Multiple Choice

Use the following information for questions below
A company had the following inventory activity during June:
$\begin{array}{lrrr}&{\text { Units }}& {\text { Unit Cost }} & {\text { Total Cost }}\\\hline&450 & \$ 9.50 & \$ 4,275\\Beginning~ inventory~ Purchases:\\~~~~~~~~~~~June ~5&1,500 & 10.00 & 15,000 \\~~~~~~~~~~~June ~13&900 & 10.25 & 9,225 \\Sales:\\~~~~~~~~~~~June~ 8&1,100 & & \\~~~~~~~~~~~June~ 24&600 & &\end{array}$
-If the company is using a FIFO cost formula and a periodic system,what is the cost of goods sold?

• A)$17,225
• B)$17,000
• C)$16,775
• D)$16,500

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Definitions:

Common Law

A legal system characterized by case law and legal precedents established by court decisions, as opposed to statutory laws enacted by governmental bodies.

Consideration

The benefit, interest, right, or profit that induces a party to enter into a contract; a fundamental component of a valid contract.

Common Law

A body of legal rules and principles based on court judgments and customs, rather than formal statutes or legislations.

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the law across state lines.