A Company Uses Periodic Inventory in Connection with LIFO Costing

question 16

Multiple Choice

A company uses periodic inventory in connection with LIFO 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.)

• A)$626
• B)$680
• C)$582
• D)$541

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Definitions:

Materialist Philosophy

Materialist philosophy asserts that material conditions determine human consciousness and social structures, prioritizing the physical and tangible aspects of existence over ideas or spiritual conjectures.

Consciousness

The state or quality of awareness, or being aware of an external object or something within oneself, often considered a complex mental state.

Morality

Principles or rules concerning the distinction between right and wrong or good and bad behavior.

Social Facts

Aspects of social life that exist outside and independently of individual consciousness and exert influence on individual behavior, as conceptualized by Émile Durkheim.