Eaton Electronics Uses a Periodic Inventory System

question 188

Multiple Choice

Eaton Electronics uses a periodic inventory system.On March 31, Eaton has two plasma TVs on hand at a cost of $1,500 each (serial numbers 11534892 and 11534894) .In April, the company purchases four more identical TVs from Toshiba for $1,450 each (serial numbers 11542631 through 11542634) .In May, the company purchases five more identical TVs for $1,600 each (serial numbers 11550964 through 11550968) .In June, Eaton sells two of these TVs (serial numbers 11534894 and 11542631) .There were no additional purchases or sales during the remainder of the year.
-Use the information above to answer the following question.Eaton Electronics uses the specific identification method.What is its cost of goods sold?

• A) $3,000
• B) $2,950
• C) $3,200
• D) $3,033

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Definitions:

Shape

The external form or appearance characteristic of someone or something; the outline of an area or figure.

Sensorimotor

Pertaining to the combined processes of sensory input and motor response; often related to the developmental stage in infants where they explore the world through their senses and actions.

Preoperational

Refers to the stage in Piaget's theory of cognitive development where children aged 2 to 7 years old use symbols and language but do not yet understand mental operations or logical thinking.

Formal Operational

The fourth and final stage of Jean Piaget's theory of cognitive development, occurring from around age 12 and beyond, marked by the ability to think abstractly, logically, and systematically.