Given the Following Information, Determine the Cost of Goods Sold

question 37

Multiple Choice

Given the following information, determine the cost of goods sold at December 31 using the LIFO perpetual inventory method. December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.

• A)$282.15
• B)$332.10
• C)$281.25
• D)$290.70
• E)$210.30

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Definitions:

Equation

A mathematical statement that asserts the equality of two expressions, typically written in the form \(A = B\), where \(A\) and \(B\) are expressions.

Complex Solutions

Solutions to equations that include imaginary numbers, often involving the square root of a negative number.

Quadratic Equation

An equation of the form ax^2 + bx + c = 0, where a, b, and c are constants, and a is not equal to 0.

Real Solutions

Real solutions refer to solutions of equations that are real numbers, not involving imaginary or complex numbers.