The Following Data Applies to a Particular Item of Merchandise

question 60

Multiple Choice

The following data applies to a particular item of merchandise: $\begin{array}{lrr}\text { On hand at start of period } & 300 & \$ 5.10 \\1^{\text {st }} \text { purchase } & 500 & 5.20 \\2^{\text {ndd }} \text { purchase } & 700 & 5.30 \\3^{\text {rd }} \text { purchase } & 600 & 5.50\\\text { Number of units available for sale } & 2,100 \\\text { On hand at end of period } & \underline{500} \\\text { Number of units sold during period } & \underline{1,600}\end{array}$ ? Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the specific identification costing method, the amount of the cost of goods sold would be

• A) $2,730.
• B) $8,410.
• C) $11,140.
• D) $13,870.

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Definitions:

Sodium

A chemical element with the symbol Na, known for its high reactivity and essential role in biological systems, especially in nerve impulse conduction.

Covalent

Pertaining to chemical bonds formed by the sharing of one or more pairs of electrons between atoms.

Ionic

Relating to ions; typically describes chemical bonds formed between atoms when electrons are transferred, resulting in charged particles.

Metallic

Pertaining to elements that exhibit metallic properties, including luster, conductivity, and malleability.