Lewis, Inc

question 47

Multiple Choice

Lewis, Inc. had the following balances and transactions during 2016: What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2016 if the perpetual inventory system and the weighted-average inventory costing method are used? (Round the unit costs to two decimal places and total costs to the nearest dollar.)

• A) $15,390
• B) $27,360
• C) $15,330
• D) $11,970

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Definitions:

Hessians

German mercenary soldiers hired by the British Crown to fight against the American colonial forces during the Revolutionary War.

Sovereign Nation

A political entity that possesses autonomy and independence, recognized by other states as having control over its territory and government.

Bunker Hill

A key early battle in the American Revolutionary War notable for the phrase "Don't fire until you see the whites of their eyes," demonstrating colonial forces could stand up to British regulars.

Articles of Confederation

The first constitution of the United States, ratified in 1781, which established a loose confederation of states with a weak central government, later replaced by the U.S. Constitution in 1789 due to its inefficiencies.