Use the Following Information to Answer Questions 6-8

question 67

Multiple Choice

Use the following information to answer questions 6-8.
Barton Company uses a periodic inventory system. On January 1, 2014, Barton Company had 1,200 units of inventory on hand at a cost of $8 per unit. During 2014, Barton made the following inventory purchases. Assume Barton Company sold 2,300 units of inventory during 2014.
-If you assume that Barton follows IFRS and uses the FIFO method, what is the ending inventory and cost of goods sold, respectively?

• A) Ending inventory = $11,600; Cost of Goods Sold = $31,800
• B) Ending inventory = $16,520; Cost of Goods Sold = $26,880
• C) Ending inventory = $16,422; Cost of Goods Sold = $26,978
• D) Ending inventory = $20,600; Cost of Goods Sold = $22,800

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Definitions:

Accounts Receivable

The balance of money owed to a firm for goods or services delivered or used but not yet paid for by customers.

Functional Team

A group of individuals with specific roles and expertise working together towards a common organizational goal.

Efficient

The quality of achieving maximum productivity with minimum wasted effort or expense, effectively using resources to achieve desired outcomes.

Problem-Solving Teams

Groups of individuals brought together to address specific challenges or issues, utilizing their collective expertise to find solutions.