Nordic Industries Uses a Periodic Inventory System

question 14

Multiple Choice

Nordic Industries uses a periodic inventory system.During its first month of operations,Nordic Industries purchased inventory as follows: There were 100 units in ending inventory on January 31.
Under the FIFO cost method,what is the cost of goods sold for January?

• A)$17,250
• B)$16,500
• C)$18,750
• D)$18,000

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Definitions:

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A varnish-like substance made from the sap of the Asiatic sumac tree, used to decorate wood and other organic materials. Often colored with mineral pigments, lacquer cures to great hardness and has a lustrous surface.

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