Use the Following Information for Questions $\text { Brocken Co. has the following data related to an item of inventory. }$

question 105

Multiple Choice

Use the following information for questions . $\text { Brocken Co. has the following data related to an item of inventory. }$
$\begin{array}{ll}\text { Inventory, May } 1 & 1,000 \text { units } @ £ 4.20 \\\text { Purchase, May 7 } & 3,500 \text { units } @ £ 4.40 \\\text { Purchase, May } 16 & 700 \text { units } @ £ 4.50 \\\text { Inventory May } 31 & 1,300 \text { units }\end{array}$
-The value assigned to cost of goods sold if Brocken uses FIFO is

• A) \( £ 16,900 \).
• B) \( £ 16,960 \).
• C) \( £ 17,069 \).
• D) \( £ 17,082 \)

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Definitions:

Promoters

Individuals or companies that initiate and take the responsibility for setting up a business or company.

Government

The organization, or the apparatus, through which a political unit exercises authority and performs functions and which is usually classified as parliamentary or presidential.

Public Corporation

A corporation that is created by government to help administer law.

Private Corporation

A corporation that is created by private persons and does not have government duties.