Lauer Corporation Uses the Periodic Inventory System and Has Provided

question 113

Multiple Choice

Lauer Corporation uses the periodic inventory system and has provided the following information about one of their laptop computers:

$$\begin{array}{ll}\begin{array} { ll } \text { Date } & \text { Transaction } \\1 / 1 & \text { Beginning Inventory } \\5 / 5 & \text { Purchase } \\8 / 10 & \text { Purchase } \\10 / 15 & \text { Purchase }\end{array}\begin{array} { l l} \text { Number of Units } & \text { Cost per Unit } \\100& \$ 800 \\200 & \$ 900 \\300 & \$ 1,000 \\200 & \$ 1,050\end{array}\end{array}$$
During the year,750 laptop computers were sold. What was cost of goods sold using the FIFO cost flow assumption?

• A)$717,500
• B)$730,000
• C)$703,125
• D)$725,500

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Definitions:

Aaron Beck

A renowned psychiatrist and psychotherapist best known for developing cognitive therapy, which has been highly influential in treating depression and other psychological disorders.

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Context Specific

Relating to or depending on the particular circumstances or environment in which something occurs.