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:

Chicago School

A type of sociology practiced at the University of Chicago in the 1920s and 1930s that centered on urban settings and field research methods.

French Positivists

A group of French philosophers who advocated for the application of scientific methods to the study of society, emphasizing the importance of observation and empirical evidence.

Émile Durkheim

A foundational French sociologist known for his work on social integration, religion, and the establishment of sociology as an academic discipline.

Karl Marx

A philosopher, economist, and revolutionary socialist whose works on the conflicts within capitalism have profoundly influenced the development of socialist theory.