A Company Had Beginning Inventory of 10 Units at a Cost

question 215

Multiple Choice

A company had beginning inventory of 10 units at a cost of $20 each on March 1.On March 2,it purchased 10 units at $22 each.On March 6 it purchased 6 units at $25 each.On March 8,it sold 22 units for $54 each.Using the perpetual FIFO inventory method,what was the cost of the 22 units sold?

• A)$470
• B)$490
• C)$450
• D)$570
• E)$520

Know how to prepare for national certification exams and the importance of certifications in advancing a healthcare career.

Employ strategies to maximize learning and contributions during applied training experiences.

Understand the role of effective feedback in improving performance within the healthcare setting.

Recognize the significance of networking in finding employment opportunities in the healthcare industry.

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Definitions:

Positive Profits

A financial situation where the revenues generated by a business exceed its costs, leading to a net gain.

Fallacy of Composition

The erroneous belief that what is true for an individual or part will also be true for a group or the whole.

Income

Money received by a person or household over a certain period of time from work, investments, business ventures, or other sources.

Fallacy of Composition

The erroneous belief or argument that what is true for a part is necessarily true for the whole group or entity.