Chess Top Uses the Periodic Inventory System

question 34

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 FIFO 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.

---

Definitions:

Antimanic Actions

Refers to the effects of medications or treatments that are aimed at stabilizing mood and reducing the intensity of manic episodes in disorders like bipolar disorder.

Acute Mania

A severe episode of mania characterized by extremely elevated mood, energy, and unusual thought patterns, often requiring immediate medical intervention.

Quiet Room

A designated calm and serene space often used in healthcare or therapeutic settings to reduce stress or sensory overload.

Intervenes Initially

Refers to the first actions taken to engage or address a problem or situation before it escalates.