Quan Uses a Periodic Inventory System

question 177

Multiple Choice

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

• A) $230
• B) $232
• C) $240
• D) $250

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Definitions:

Mental Set

A cognitive bias that involves approaching a problem in a particular way, often one that has been successful in the past, which may block or delay the identification of alternative solutions.

Patterns

Regular and predictable forms, orders, or arrangements that can be observed in various contexts, such as behavior, nature, or mathematics.

Reflective Judgment

The process of reasoning through complex issues with uncertainty and synthesizing evidence and opinion to form a justified conclusion.

Critical Thinking

The analysis and evaluation of an issue in order to form a judgment.