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:

Fundamental Attribution Error

The tendency to over-emphasize personal characteristics and ignore situational factors when judging others' behavior.

Motivation And Ability

Fundamental drivers of human behavior in organizational settings, where motivation refers to the willingness to perform actions, and ability refers to the capability of performing those actions.

Self-Fulfilling Prophecy

A belief or expectation that directly or indirectly causes itself to become true due to positive feedback between belief and behavior.

Social Identity Theory

A psychological theory that posits individuals derive part of their self-concept from their perceived membership in a relevant social group, influencing their behavior and attitudes.