Gene's Used Cars Uses the Specific Identification Method of Costing

question 43

Multiple Choice

Gene's Used Cars uses the specific identification method of costing inventory.During March, Gene purchased three cars for $5,000, $6,500, and $8,000, respectively.During March, two cars are sold for $7,500 each.Gene determines that at March 31, the $8,000 car is still on hand.What is Gene's cost of goods sold for March?

• A)$8,000
• B)$11,500
• C)$14,500
• D)$15,000

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Definitions:

Elevated Mood

A state of heightened emotional state, which can be positive, such as feeling more joyful than usual.

Schizophrenia

A mental disorder characterized by disordered thinking, perceptions, and delusions.

Agreeableness

A personality trait characterized by warmth, friendliness, and a tendency towards cooperation and social harmony.