Chess Top Uses the Periodic Inventory System

question 23

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 LIFO 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.

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Definitions:

Introjected Regulation

A form of internal motivation where individuals engage in a behavior not out of personal interest but because of internal pressures or obligations.

Amotivation

A lack of motivation or absence of intrinsic or extrinsic motivators to engage in an activity.

Self-handicapping

A cognitive strategy where individuals create obstacles and excuses to avoid self-blame when they do not meet expectations.

Self-handicappers

Individuals who deliberately create obstacles or excuses for themselves so that if they do poorly, they can avoid blaming their own ability.