Chess Top Uses the Periodic Inventory System

question 112

Multiple Choice

Chess Top uses the periodic inventory system.For the current month, the beginning inventory consisted of 200 units that cost $65 each.During the month, the company made two purchases: 300 units at $68 each and 150 units at $70 each.Chess Top also sold 500 units during the month.Using the FIFO method, what is the amount of cost of goods sold for the month?

• A)$33,770.
• B)$32,500.
• C)$34,150.
• D)$33,400.

Understand the definition and significance of having a diverse and inclusive workforce.

Recognize the characteristics and expectations of different generational groups within the workforce.

Identify the benefits and challenges of managing a diverse workforce.

Comprehend the importance and impact of nonverbal communication in a diverse work setting.

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Definitions:

Production Alternative

Different ways in which a firm could allocate its resources to produce various goods or services.

Capital Goods

Physical assets used by a company to produce goods and services that are used to produce consumer goods or services.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Study of Economics

The academic discipline that examines how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs.