Berring Sales Uses LIFO

question 37

Multiple Choice

Berring Sales uses LIFO. The partially completed inventory record for January appears below. On January 14, the company sold 10 units. On January 29, the company sold 50 units. Complete the inventory record through the January 14 sale, and calculate the Cost of goods sold for the January 14 sale. (Please round to the nearest whole dollar.)

• A)$38
• B)$33
• C)$43
• D)$40

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Definitions:

Income Taxes

Taxes levied by the government on the income of individuals or organizations.

Production Costs

Production costs are the cumulative costs incurred in the process of producing goods or services, including labor, materials, and overhead expenses.

Government

The institution or group of people that governs and makes decisions for a community, state, or nation.

Imports

Goods and services purchased by a country from other countries, which contribute to the nation's supply but require expenditure of domestic currency.