A Company's Inventory Records Report the Following in November of the Current

question 91

Multiple Choice

A company's inventory records report the following in November of the current year: $$\begin{array} { | l | l | l | } \hline \text { Beginning } & \text { November 1 } & 5 \text { units } @ \$ 20 \\\hline \text { Purchase } & \text { November } 2 & 10 \text { units } @ \$ 22 \\\hline \text { Purchase } & \text { November 12 } & 6 \text { units } @ \$ 25 \\\hline\end{array}$$ On November 8, it sold 12 units for $54 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold?

• A)$210
• B)$188
• C)$282
• D)$260
• E)$254

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Definitions:

Triplett

Refers to Norman Triplett's early social psychology experiment that identified the phenomenon of social facilitation, where the presence of others enhances performance on simple tasks.

Synergy

The interaction or cooperation of two or more organizations, substances, or other agents to produce a combined effect greater than the sum of their separate effects.

Mere-Effort Model

A theory suggesting that the mere effort of trying to achieve something can enhance the motivational value of the goal.

Social Facilitation

The tendency for people to perform differently when in the presence of others than when alone, typically showing improvement on tasks.