Apple-A-Day Company Has the Following Inventory Data A Physical Count of Merchandise Inventory on July 30 Reveals

question 100

Multiple Choice

Apple-A-Day Company has the following inventory data: $$\begin{array} { r l r r } \text { July } 1 & \text { Beginning inventory } & 40 \text { units at } \$ 20 & \$ 800 \\7 & \text { Purchases } & 140 \text { units at } \$ 21 & 2,940 \\22 & \text { Purchases } & 20 \text { units at } \$ 22 & { 440 }\\&&& { \$ 4,180 }\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is

• A)$3,170.
• B)$3,080.
• C)$3,110.
• D)$3,010.

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Definitions:

Meritocracy

A system or society wherein progress, success, and positions are achieved based on abilities and talent rather than on class privilege or wealth.

Flynn Effect

The observed substantial and long-term increase in both fluid and crystallized intelligence test scores measured in many parts of the world over the 20th century.

Generational Impact

The long-term effects and influences that one generation has on the future generations and societal structures.

Upward Mobility

The ability or opportunity for an individual or group to improve their social status, often through education or employment.