Diligent Ltd Had 5 Units of the Commodity Algo on Hand

question 27

Multiple Choice

Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:

What was the value of cost of goods sold of Algo, using the FIFO assumption?

• A) $2640
• B) $2700
• C) $2720
• D) $2400

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Definitions:

Automatic Mind

The aspect of cognitive functioning that operates below conscious awareness, guiding quick and effortless judgments and behaviors.

Unwanted Thought

Intrusive ideas or images that are deemed unwelcome or disturbing, often occurring involuntarily and causing distress.

Suppress

To forcibly put an end to or restrain; to inhibit an action or process.

Priming

A psychological effect in which exposure to a stimulus influences the response to a subsequent stimulus, without conscious guidance or intention.