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

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Definitions:

F Statistic

A ratio used in ANOVA tests to determine if the means between two or more groups are significantly different.

Null Hypotheses

Postulates that assume no variance between specified variables in a study, used for statistical testing.

Research Hypotheses

Statements made by researchers that predict a relationship between two or more variables.

Total Sample Size

The aggregate number of observations or data points collected in a study.