East Asia Inc

question 77

Multiple Choice

East Asia Inc., Hong Kong subsidiary of a US company, uses the periodic inventory system. At April 1, the inventory consisted of 600 units that cost HK$650 each. During the month, the company made two purchases: 900 units at HK$680 each and 450 units at HK$700 each. East Asia also sold 1,500 units during the month. Using the LIFO cost flow assumption, what is the amount of cost of goods sold for the month?

• A) HK$975,000.
• B) HK$1,002,000.
• C) HK$1,013,100.
• D) HK$1,024,500.

---

Definitions:

Philosophies

Broad fields of thought that explore fundamental questions concerning existence, knowledge, values, reason, mind, and language.

Enduring Values

Core principles or standards of behavior that are consistently held over time and are foundational to personal or societal functioning.

Statements

Sentences or expressions that convey opinions, facts, or values, often used to clarify positions or communicate information.

Paradigm

A distinct set of concepts or thought patterns, including theories, research methods, postulates, and standards for what constitutes legitimate contributions to a field.