Anton Company Uses the Perpetual Inventory System and FIFO Cost

question 95

Multiple Choice

Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 400 units of inventory that cost $12.00 each and then purchased an additional 600 units of inventory that cost $16.00 each. If Anton sells 700 units of inventory, what is the amount of cost of goods sold?

• A)$11,200
• B)$10,400
• C)$8,400
• D)$9,600

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Definitions:

Relationship-Seeking Strategies

Plans of action that involve consciously making links between concepts or ideas that are not normally associated with each other.

Analytical Strategies

Approaches or methods used to break down complex information or data into manageable parts for better understanding, decision-making, or problem-solving.

Alertness

The state of being watchful and prompt to meet danger or emergencies, or to discover and take advantage of opportunities.

Opportunity Recognition

The process of identifying and assessing new possibilities for creating value or business.