A Firm Has Beginning Inventory of 400 Units at a Cost

question 43

Multiple Choice

A firm has beginning inventory of 400 units at a cost of $11 each.Production during the period was 650 units at $12 each.If sales were 700 units,what is the cost of goods sold (assume FIFO) ?

• A) $9,000
• B) $8,000
• C) $7,700
• D) $8,100

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Definitions:

Synapses

The junctions through which neurons communicate with each other or with other types of cells, involving the release and reception of neurotransmitters.

Tolerance

Decrease in response to a drug with the passage of time.

Decreased Response

A reduction in the body's reaction to a particular stimulus over time, often after repeated exposure.

Curare

A toxin derived from South American plants that acts as a neuromuscular blocking agent by inhibiting acetylcholine receptors at the neuromuscular junction, historically used as a paralyzing poison.