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:

Social Responsibility Strategies

Practices and policies initiated by a company to benefit society and operate sustainably beyond its profit-making interests.

Consumer Protection Agency

A governmental organization designed to protect consumers' rights and ensure fairness in the marketplace.

Maximize Profits

The primary goal of many businesses, which involves increasing the difference between the revenue generated and costs incurred by enhancing efficiency and market share.

Ergonomically Appropriate

Referring to designs or adjustments in the workplace that support the health and well-being of workers, aligning with principles of ergonomics to ensure safety and efficiency.