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:

Economic Exchange

The act of trading goods, services, or both between two or more parties, forming the basis of most economic systems.

European Social Partnerships

Collaborations between governments, employers' organizations, and trade unions in Europe to discuss and negotiate employment policies and working conditions.

Employee Empowerment Unionism

A labor movement approach focusing on empowering workers to make decisions affecting their working conditions and workplace democracy.

Skill-Based Pay System

a compensation strategy where employees are paid based on their skills, knowledge, and abilities rather than their job title or position.