Serene Stereos Has the Following Inventory Data A Physical Count of Merchandise Inventory on November 30 Reveals

question 115

Multiple Choice

Serene Stereos has the following inventory data: $\begin{array}{rll}\text { Nov. } 1 & \text { Inventory } & 30 \text { units } @ \$ 6.00 \text { each } \\8 & \text { Purchase } & 120 \text { units } @ \$ 6.45 \text { each } \\17 & \text { Purchase } & 60 \text { units } @ \$ 6.30 \text { each } \\25 & \text { Purchase } & 90 \text { units } @ \$ 6.60 \text { each }\end{array}$ A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Cost of goods sold under FIFO is

• A)$657
• B)$1,269
• C)$632
• D)$1,295

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Definitions:

Industry Self-Regulation

The process where an industry regulates itself without intervention from governmental bodies, typically through the establishment of codes of conduct, standards, and practices.

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