Use This Information to Answer the Following Question

question 119

Multiple Choice

Use this information to answer the following question. A periodic inventory system is used.
Using LIFO,cost of goods sold is

• A) $1,740.
• B) $4,464.
• C) $1,332.
• D) $4,056.

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Definitions:

Historical Significance

The quality of being important or noteworthy in history due to having a profound impact on events, developments, or historical figures.

Gilded Age

A period in the late 19th century characterized by rapid industrialization, economic growth, and extravagant wealth contrasted with widespread poverty.

Sherman Antitrust Act

A landmark federal statute in the United States that prohibits monopolistic business practices.

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s, transforming economies through the development of factories, railroads, and machinery, and shifting societies from agricultural to industrial.