A Company Uses Periodic Inventory in Connection with LIFO Costing $\$ 4.00$

question 141

Multiple Choice

A company uses periodic inventory in connection with LIFO costing.The company began the year with zero inventory balance.They had the following transactions during the year: Purchased 50 units at $\$ 4.00$ per unit
Purchased 100 units at $\$ 4.10$ per unit
Sold 80 units at a price of $\$ 12.00$ per unit
Purchased 60 units at $\$ 3.20$ per unit
Sold 75 units at a price of $\$ 12.75$ per unit
At the end of the year,they counted the inventory and found 55 units remaining.How much was the Cost of goods sold for the year? (Please round to the nearest whole dollar.)

• A) $541
• B) $582
• C) $626
• D) $680

---

Definitions:

Group Therapy

is a form of psychotherapy in which a therapist works with a group of patients simultaneously, leveraging group dynamics to foster healing and personal growth.

Person-centered Therapist

A therapist who practices a form of psychotherapy that emphasizes the client's self-discovery and actualization, and involves creating a non-judgmental, empathic, and accepting therapy environment, as developed by Carl Rogers.

Transference

In psychotherapy, the process by which emotions originally associated with one person, typically from early life, are unconsciously shifted onto the therapist.

Psychosurgery

Surgical procedures that alter brain tissue to treat mental disorders; a form of neuroscience treatment.