A Company Uses Periodic Inventory in Connection with LIFO Costing

question 71

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: 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:

Socially Responsible

Acting with consideration for the ethical and environmental impact of one's business practices on society and the community.

Workplace Spirituality

An approach that integrates employees' spiritual needs with their work environment, promoting meaning, purpose, and community connection at work.

Spiritual Workplace

An organizational environment that recognizes and incorporates spiritual practices or values, enhancing employees' sense of purpose and well-being.

Variable Costs

Costs that vary directly with the level of production or output.