A Firm Uses a Periodic Inventory System Sells a Single

question 48

Multiple Choice

A firm 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 LIFO, 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:

Slow Fibers

Muscle fibers characterized by their slow contraction speed and a high capacity for endurance through efficient energy use.

Unmyelinated

Refers to nerve fibers that lack a myelin sheath, affecting the speed of electric signal transmission in the nervous system.

Receptors Located

Sites on a cell or nerve that respond to specific stimuli, such as hormones, neurotransmitters, or environmental changes.

Space

The infinite extension in all directions, encompassing all matter and energy, often considered in physics, astronomy, and philosophical discussions.