A Company Uses Perpetual Inventory in Connection with the Specific-Identification

question 45

Multiple Choice

A company uses perpetual inventory in connection with the specific-identification method. The company purchased 30 industrial diamonds for $500 per unit. Later in the month, they purchased another 20 diamonds from another supplier for $480 per unit. On the last day of the month, they sold 18 diamonds to a customer at a price of $800 per unit. Of the 18 diamonds, 3 came from the first batch and the remainder came from the second batch. Which of the following journal entries correctly records the Sales revenues?

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Definitions:

Brain

The organ of the central nervous system in vertebrates located in the skull that is responsible for neural processing, including perception, emotions, thinking, and planning.

Native Language

The language that a person has been exposed to from birth or within the critical period of language acquisition.

Parent's Voices

Parent's Voices often refer to the collective opinions, concerns, or advocacy efforts of parents on issues affecting their children's well-being, education, or upbringing.

Speech Sounds

The auditory signals used in language communication, produced by the articulation and phonation of phonemes by the vocal apparatus.