Use the Following to Answer Questions

question 14

Multiple Choice

Use the following to answer questions
Ashland Company has a perpetual inventory system and uses the FIFO method of inventory costing. Ashland had a beginning inventory of 50 units and reported the following events during the month of June:

-The cost of goods sold for the June 5 sale is:

• A)$525
• B)$600
• C)$500
• D)$550

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Definitions:

Congress

The legislative branch of the United States federal government, consisting of the House of Representatives and the Senate.

Unfair Trade Practices

Dishonest or fraudulent business methods that are deemed unjust or deceptive towards consumers.

State Statute

A written law enacted by the legislative body of a state.

Trial Court

The court in which a case is originally tried and adjudicated, as opposed to an appellate court where cases are reviewed.