The Following Information Pertains to the Fan Company's Inventory Item

question 26

Multiple Choice

The following information pertains to the Fan Company's inventory item B1008:
$\begin{array}{rlrr}\text { March 1 } & \text { Inventory Balance } & 400 \text { units } &@\$ 3.10 \\5 & \text { Purchase } & 1,400 \text { units } &@ \$ 3.20 \\14 & \text { Purchase } & 280 \text { units } &@ \$ 3.25 \\31 & \text { Inventory Balance } & 520 \text { units } &\end{array}$
-In a periodic inventory system,the FIFO cost of goods sold is

• A)$4,952.
• B)$4,967.
• C)$4,993.
• D)$5,006.

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Definitions:

Imprinting

A form of learning occurring at a particular life stage that is rapid and apparently independent of the consequences of behavior.

Symbolic Thinking

The ability to use symbols, language, or other objects to represent and understand abstract concepts.

Egocentrism

A cognitive trait that causes individuals to interpret the world solely from their own perspective, often neglecting others' viewpoints.

Concrete Operational

A stage in Piaget's theory of cognitive development where children aged 7 to 11 years are able to think logically about concrete events and understand the concept of conservation.