A Company Uses Periodic Inventory in Connection with the Average-Cost

question 153

Multiple Choice

A company uses periodic inventory in connection with the average-cost method. 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)$592

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Definitions:

Hemoglobin

A protein in red blood cells that carries oxygen from the lungs to the tissues of the body and returns carbon dioxide from the tissues to the lungs.

Antibodies

Proteins produced by the immune system that recognize and bind to specific foreign substances called antigens to neutralize or destroy them.

Histamine

A compound found in body cells that plays a major role in allergic reactions, acting as a neurotransmitter and involved in the regulation of stomach acid.

Allergic Responses

Immune system reactions to certain substances, called allergens, that are normally harmless to most people.