Anton Company Uses the Perpetual Inventory System and FIFO Cost

question 140

Multiple Choice

Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 1,080 units of inventory that cost $7 each and then purchased an additional 1,110 units of inventory that cost $9 each. If Anton sells 1,550 units of inventory, what is the amount of cost of goods sold?

• A)$13,950
• B)$11,790
• C)$10,850
• D)$14,260

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Definitions:

Violet

A color in the visible spectrum, as well as a flowering plant, that typically has a purple or blue hue.

Ribulose Bisphosphate (RuBP)

A substance involved in the photosynthesis process, acting as a co2 acceptor in the Calvin cycle.

Phosphoglyceraldehyde (PGAL)

A three-carbon molecule formed during the Calvin cycle of photosynthesis and glycolysis in cellular respiration.

Carbon Dioxide

Carbon dioxide is a colorless, odorless gas produced by burning carbon and organic compounds and by respiration. It is naturally present in air and is absorbed by plants in photosynthesis.