Harris Company Had the Following Balances and Transactions During 2015

question 128

Multiple Choice

Harris Company had the following balances and transactions during 2015: What would the Cost of Goods Sold be as reported on the income statement for the year ending December 31, 2015 if the perpetual first-in, first-out costing method is used?

• A)$8,000
• B)$12,200
• C)$24,400
• D)$16,200

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Definitions:

Ziosk

A brand name for a tablet-like device used in restaurants that allows customers to order food, pay their bill, and entertain themselves while waiting.

Tips

Voluntary payments made to certain service workers in addition to the basic price for services rendered.

Olive Garden

Olive Garden is a popular American casual dining restaurant chain specializing in Italian-American cuisine.

Make-to-order

A production strategy where goods are only manufactured after receiving a customer's order, allowing for customization.