Use the Following Information for the Month of July for Questions

question 52

Multiple Choice

Use the following information for the month of July for questions
ABC Inc.uses the FIFO cost formula in a perpetual inventory system.

-The cost of goods sold for the July 9 sale was

• A)$475.
• B)$480.
• C)$495.
• D)$500.

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Definitions:

Central Planners

Individuals or authorities responsible for making decisions about the economy of a country, especially in a centrally planned economy where the government controls the factors of production.

Public Ownership

Public Ownership refers to the possession of corporations, assets, or industries by the government rather than private individuals or organizations.

Pure Capitalism

An economic system characterized by private ownership of resources and businesses, with minimal government intervention in economic activities.

Pure Command System

An economic system characterized by the public ownership of resources and centralized planning.