Harris Company Had the Following Balances and Transactions During 2014

question 53

Multiple Choice

Harris Company had the following balances and transactions during 2014: What would the Cost of Goods Sold be as reported on the income statement for the year ending December 31, 2014 if the perpetual, last-in, first-out costing method is used? Round your answer to two decimal places.

• A)$15,750
• B)$12,000
• C)$3,750
• D)$15,000

---

Definitions:

Shortcut Menu

A context-sensitive menu that appears upon right-clicking, providing quick access to frequently used commands or options.

Insert Field

An action or command in software that allows the user to add a new data field into a document or database.

Insert Column

A function in spreadsheet software that allows users to add a new column to their data table.

Add Column

The process of inserting a new column into a table or spreadsheet, expanding its structure.