RJ Corporation Has Provided the Following Information About One of Their

question 10

Multiple Choice

RJ Corporation has provided the following information about one of their inventory items:

$$\begin{array}{ll}\begin{array} { ll } \text { Date } & \text { Transaction } \\1 / 1 & \text { Beginning Inventory } \\6 /6& \text { Purchase } \\9 / 10 & \text { Purchase } \\11/ 15 & \text { Purchase }\end{array}\begin{array} { l l} \text { Number of Units } & \text { Cost per Unit } \\400& \$ 3,200 \\800 & \$ 3,600 \\1,200 & \$ 4,000 \\800 & \$ 4,200\end{array}\end{array}$$
During the year,3,000 units were sold. What was cost of goods sold using the FIFO cost flow assumption?

• A)$11,680,000
• B)$11,590,000
• C)$11,480,000
• D)$11,550,000

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Definitions:

Population Parameter

A numerical value that represents a characteristic of an entire population, such as its mean, variance, or standard deviation.

Population Variance

The variance computed for the entire population, reflecting the spread of all values in that population.

Sample Standard Deviation

A measure of the dispersion or variability in a sample dataset, quantifying the amount of variation or spread of data points.

Unbiased Estimator

An unbiased estimator is a statistical estimator that, on average, equals the parameter being estimated, ensuring accuracy over many samples.