Use the Following Information to Answer Questions

question 13

Multiple Choice

Use the following information to answer questions
Abalone Corp.uses a periodic inventory system.
A physical count of merchandise inventory on July 31 shows that 25 units are on hand.
-Under the average cost method, cost of goods sold for July was

• A)$1,600.
• B)$1,500.
• C)$520.
• D)$500.

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Definitions:

Sugar

A sweet-flavored substance derived primarily from sugarcane and sugar beet, used chiefly as an ingredient in food and beverages.

Equivalent Imports

Goods or services brought into a country that serve the same purpose as locally produced goods or services.

Quota

A government-imposed trade restriction limiting the number or monetary value of goods that can be imported or exported during a specified period.

Tariff

A tax imposed on imported goods, often to protect domestic industries or to generate revenue.