Berring Sales Uses LIFO

question 7

Multiple Choice

Berring Sales uses LIFO.The partially completed inventory record for January appears below. On January 14,the company sold 10 units.On January 29,the company sold 50 units.
-Complete the inventory record and calculate the Cost of goods sold for the month of January.(Please round to the nearest whole dollar.)

• A) $242
• B) $249
• C) $230
• D) $228

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Definitions:

Fixed Costs

Expenses that remain constant regardless of how much is produced or sold, including rent, salaries, and insurance costs.

Accounting Break-Even

The point where total sales equal total expenses, and the company makes no profit but also incurs no loss.

Depreciation Expense

An accounting method of allocating the cost of a tangible asset over its useful life, representing how much of the asset's value has been used up over a period.

Fixed Costs

Costs that do not vary with the level of production or sales, remaining constant regardless of the business activity level.