The Laurel Corporation Starts the Year with a Beginning Inventory

question 42

Multiple Choice

The Laurel Corporation starts the year with a beginning inventory of 600 units at $5 per unit.The company purchases 1,000 units at $4 each in February and 400 units at $6 each in October.Laurel sells 300 units during the year.Laurel has a periodic inventory system and uses the FIFO inventory costing method.What is the amount of cost of goods sold?

• A)$1,200
• B)$1,868
• C)$1,500
• D)$1,800

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Definitions:

Delayed-onset Muscle

Soreness experienced after exercise, peaking from 24 to 72 hours post-exercise, resulting from micro-tears in muscle fibers.

Core Muscles

A group of muscles in the abdomen, lower back, hips, and pelvis that aid in stabilizing the body, improving posture, and providing strength for movement.

Erectors

Refers to erector spinae, a group of muscles and tendons that straighten and rotate the back.

Skeletal Muscles

Muscles attached to bones that are responsible for movement of the body and maintenance of posture.