Butler Company Reported Ending Inventory at December 31, 2014 of $1,200,000

question 17

Multiple Choice

Butler Company reported ending inventory at December 31, 2014 of $1,200,000 under LIFO. It also reported a LIFO reserve of $210,000 at January 1, 2014, and $300,000 at December 31, 2014. Cost of goods sold for 2014 was $4,600,000. If Butler Company had used FIFO during 2014, its cost of goods sold for 2014 would have been

• A) $4,900,000.
• B) $4,690,000.
• C) $4,510,000.
• D) $4,300,000.

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Definitions:

Indwelling Urinary Catheter

A tube inserted into the bladder to provide continuous urinary drainage to those who cannot control bladder function.

Inflate the Balloon

The process of expanding a balloon, often relating to medical devices, by filling it with air or another gas.

Discomfort

A general sense of physical or emotional unease or distress.

Suprapubic Catheter

A urinary catheter that is inserted through a small hole made in the abdomen, just above the pubic bone, to drain urine from the bladder.