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

question 4

Multiple Choice

A company uses periodic inventory in connection with FIFO 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

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Definitions:

Afferent Arteriole

A small artery that carries blood towards the glomeruli of the kidney, playing a key role in the regulation of blood pressure.

Dwell Time

The period a product, individual, or item remains in a particular location or stage of a process.

Urge Incontinence

A condition characterized by a sudden, intense urge to urinate followed by involuntary bladder contraction, leading to leakage.

Stress Incontinence

The involuntary leakage of urine in response to physical movement or activity that puts pressure on the bladder, such as coughing, sneezing, or exercising.