Solve the Problem A)$443765
B)$4534

question 199

Multiple Choice

Solve the problem.
-The following information on Company X appears in a stock table. Find the amount received by the seller of 140 shares of Company X at the day's closing price. Deduct sales expenses which consist of the broker's commission and SEC fee. Assume that the
Transaction is broker-assisted and that the discount broker's commissions are as follows: $$\begin{array} { l | l } \text { Principal Amount } & \text { Commission } \\\hline \text { Up to } \$ 2499.99 & \$ 35 + 1.7 \% \text { of principal } \\\$ 2500.00 - \$ 6249.99 & \$ 65 + 0.66 \% \text { of principal } \\\$ 6250.00 - \$ 19,999.99 & \$ 76 + 0.34 \% \text { of principal }\end{array}$$

• A)$4437.65
• B)$4534.53
• C)$4454.83
• D)$4454.97

---

Definitions:

LIFO Method

Last In, First Out method, an inventory costing method where the last items purchased are the first ones sold.

Ending Inventory

The value of goods available for sale at the end of an accounting period, determined by a physical count or by applying the cost flow assumption.

Specific Invoice Method

A method of inventory cost calculation that identifies and uses the actual cost of each specific item sold.

High-Cost Goods

High-cost goods are items that require a considerable amount of money to purchase due to their quality, rarity, or other factors.