Berring Sales Uses FIFO

question 114

Multiple Choice

Berring Sales uses FIFO. 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 sale on January 14. (Please round to the nearest whole dollar.)

• A)$40
• B)$46
• C)$38
• D)$43

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Definitions:

Solve

The process of finding the values that satisfy an equation or inequality.

Conditional Equation

An equation that is true for certain values of its variables, often used in algebra to describe a relationship subject to specific conditions.

Identity Equation

An equation that is true for all values of the variable, typically used to express fundamental algebraic properties.

Solve

The process of finding an answer or solution, especially in mathematics by determining the value of variables.