A Firm That Uses a Periodic Inventory System Sells a Single

question 80

Multiple Choice

A firm that uses a periodic inventory system sells a single product that had a beginning inventory of 5,000 units with a total cost of $35,000. Early in the year, 12,000 units were purchased at $9 each and 4,000 units were on hand at the end of the year. Using FIFO, what is the amount of Cost of Goods Sold?

• A)$117,000
• B)$91,000
• C)$107,000
• D)$115,000

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Definitions:

Psychopathic Disorder

a mental disorder characterized by enduring antisocial behavior, diminished empathy and remorse, and bold, disinhibited, and egotistical traits.

PTSD

Post-traumatic Stress Disorder; a mental health condition triggered by experiencing or witnessing a terrifying event, characterized by severe anxiety, nightmares, and flashbacks.

Munchausen-by-proxy Syndrome

A psychiatric disorder where a caretaker fabricates or induces illness in another person, typically a child, to gain attention or sympathy.

Munchausen Syndrome

A psychiatric disorder where a person repeatedly and deliberately acts as if they have a physical or mental illness when they are not really sick.