Quan Uses a Periodic Inventory System

question 104

Multiple Choice

Quan uses a periodic inventory system.At the end of April, Quan had 20 units on hand. If Quan, Inc.uses FIFO inventory costing, how much is cost of goods sold for April?

• A)$230
• B)$232
• C)$240
• D)$250

---

Definitions:

Bank Statement Adjustment

The act of reconciling the bank statement balance with the book balance by accounting for items that cause discrepancies between the two.

Company Books Adjustment

Modifications made to accounting records, such as correcting errors or updating entries based on new information, to ensure accuracy and compliance.

Bank Service Charge

Fees charged by a bank for the use of its services, such as account maintenance, wire transfers, and overdraft fees.

Bank Statement Adjustment

The process of reconciling the balance of a bank account in the company's ledger with the balance reported on the bank statement, adjusting for items like outstanding checks or deposits in transit.