Alphabet Company Buys Different Letters for Resale

question 51

Multiple Choice

Alphabet Company buys different letters for resale.It buys A thru J on January 1 at $4 per letter,and sells C on January 15.On February 1,it buys K and L at $6 per letter and sells A and K on February 9.It then buys M thru O on March 1 at $7 per letter and sells F,L,M,N,and O on March 19.If the company uses the LIFO method on a perpetual basis,what is the cost of goods sold for the three months ended March 31 (rounded to the nearest dollar) ?

• A)$32
• B)$41
• C)$45
• D)$56

Comprehend the concept of locus of control and its effects on workplace behavior and attitudes.

Acknowledge different theories that describe personality and behavior.

Evaluate the influence of personality traits on peer evaluations and managerial perceptions.

Understand the concept of strong and weak situations and their interaction with personality.

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Definitions:

Activity Rates

These are the costs assigned to work based on the activities required to complete a job or task.

Batches

Groups of items or goods processed or produced together within a specified time frame in manufacturing or production.

Product Margins

The difference between the selling price of a product and the cost of goods sold, representing the profit made on each product.

Activity-Based Costing

A costing methodology that assigns overhead and indirect costs to specific activities, improving the accuracy of product and service costing.