Chess Top Uses the Periodic Inventory System

question 40

Multiple Choice

Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 360 units that cost $65 each. During the month, the company made two purchases: 540 units at $68 each and 270 units at $70 each. Chess Top also sold 900 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month?

• A) $60,786.
• B) $58,500.
• C) $61,470.
• D) $60,120.

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Definitions:

Carpal Tunnel Syndrome

A painful disorder caused by compression of the median nerve in the carpal tunnel of the wrist.

Medial Nerve

A peripheral nerve of the arm, involved in the sensation and movement of the hand and forearm.

Wrist Pain

Discomfort or pain in the wrist that can result from various causes, including injury, repetitive strain, or underlying health conditions.

Contact Dermatitis

A skin reaction resulting from exposure to allergens or irritants.