Berring Sales Uses LIFO

question 98

Multiple Choice

Berring Sales uses LIFO. The partially completed inventory record for January appears below. On 14 January, the company sold 10 units. On 29 January, the company sold 50 units. Complete the inventory record and calculate the Cost of sales for the month of January. (Please round to the nearest whole dollar.)

• A)$230
• B)$249
• C)$228
• D)$242

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Definitions:

Reference Column

A column in tables or spreadsheets used to cite information or to cross-reference data within the table or spreadsheet.

Check Marks

Symbols used to indicate approval, accuracy, completion, or the selection of an option.

Special Journals

Customized accounting journals used to categorize and record specific types of financial transactions efficiently.

Crossfooting

A method used in accounting to check the arithmetic accuracy of figures by adding columns of numbers both vertically and horizontally and comparing the totals.