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A Company Uses Periodic Inventory in Connection with FIFO Costing

question 25

Multiple Choice

A company uses periodic inventory in connection with FIFO costing. The company began the year with zero inventory balance. They had the following transactions during the year: Purchased 50 units at $4.00 per unit Purchased 100 units at $4.10 per unit Sold 80 units at a price of $12.00 per unit Purchased 60 units at $3.20 per unit Sold 75 units at a price of $12.75 per unit
At the end of the year, they counted the inventory and found 55 units remaining. How much was the Cost of sales for the year? (Please round to the nearest whole dollar.)

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Definitions:

Consequent

In logic, the consequent is the second part of a conditional statement, typically following "then." For example, in "If P, then Q," Q is the consequent.

Categorical Proposition

A statement that asserts or denies something about every member of a category, involving a subject and a predicate and classified based on quality (affirmative or negative) and quantity (universal or particular).

Hypothetical Proposition

An assumption made for the sake of argument or investigation, often forming the basis of a conditional statement.

Antecedent

In grammar, the word, phrase, or clause that a pronoun or other part of a sentence refers to.