Unitech Has the Following Inventory Information

question 47

Multiple Choice

Unitech has the following inventory information. A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is

• A) $580.
• B) $620.
• C) $1,380.
• D) $1,420.

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Definitions:

Labor Force Size

The total number of people, both employed and unemployed, who are willing and able to work in an economy.

Value Added

The increase in worth of a product or service produced at each stage of its production or distribution, reflecting the contribution of labor and capital.

Middle-Income Countries

Nations with a per capita gross national income exceeding that of low-income countries but below that of high-income countries, according to the World Bank classification.

Farm Worker

An individual employed in the agricultural sector, primarily involved in the cultivation of crops and raising livestock.