Metro Computer Company Had the Following Balances and Transactions During

question 46

Multiple Choice

Metro Computer Company had the following balances and transactions during 2014. What would the Cost of goods sold be as reported on the income statement at December 31, 2014 if the perpetual First-In, First-Out costing method is used? (Answers are rounded to the nearest dollar.)

• A)$15,000
• B)$12,000
• C)$16,000
• D)$15,500

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Definitions:

Philadelphia

A historic city in Pennsylvania, significant for its role in the early history of the United States, including the signing of the Declaration of Independence.

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Clothing made from cloth spun or woven at home, typically signaling simplicity or a return to traditional values.

American Resistance

Efforts and actions taken by American colonists to oppose British rule, leading up to the American Revolution.

Boycott

An act of voluntary and intentional abstention from using, buying, or dealing with a person, organization, or country as an expression of protest, usually for social or political reasons.