Given the Following Data, What Is Cost of Goods Sold

question 16

Multiple Choice

Given the following data, what is cost of goods sold as determined by the FIFO method?

• A)$1680
• B)$1830
• C)$2320
• D)$3080

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Definitions:

Price Elastic

Refers to the sensitivity of the demand for a good or service to changes in its price; highly elastic demand means consumers will significantly alter their purchase amount with price changes.

Consumption

The use of goods and services by households. It is a primary component of an economy's demand side.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting its sensitivity.

Tax Revenue

The income that is gained by governments through taxation.