Moss Co Uses the FIFO Method to Calculate Ending Inventory

question 103

Multiple Choice

Moss Co. uses the FIFO method to calculate ending inventory. Assuming 300 units are not sold, the cost of goods sold is: $$\begin{array} { | l | l | l | } \hline \text { January 1 Inventory } & 200 \text { units at } \$ 9 & \$ 1,800 \\\hline \text { Feb 15 Purchase } & 300 \text { units at } \$ 10 & \$ 3,000 \\\hline \text { Aug 20 Purchase } & 400 \text { units at } \$ 11 & \$ 4,400 \\\hline \text { Dec 20 Purchase } & 100 \text { units at } \$ 12 & \$ 1,200 \\\hline\end{array}$$

• A)$7,600
• B)$7,280
• C)$3,120
• D)$3,400
• E)None of these

---

Definitions:

Assessment Question

is a query designed to gather information for evaluating or diagnosing a particular condition, situation, or aspect of a person's health or well-being.

Oral Opioid

A type of pain-relieving medication taken by mouth that works by mimicking the action of pain-reducing chemicals found in the body.

Intensive Care Unit

A specialized department in a hospital that provides critical care and life support for acutely ill and injured patients.

Pain Medication

Drugs designed to relieve pain. They vary in strength and mechanisms of action, including over-the-counter options and prescription opioids.