Tehran Ltd $\quad 120$ Units $@ \$ 3.14$ Per Unit
March 1 $\quad$

question 14

Multiple Choice

Tehran Ltd. uses FIFO to cost its inventory. The following information is available for Tehran's inventory of product # 101: Beginning inventory: $\quad 120$ units $@ \$ 3.14$ per unit
March 1: $\quad$ $\quad$ $\quad$ $\quad$ Purchase of 250 units @ $\$3.50$ per unit
April 10: $\quad$ $\quad$ $\quad$ $\quad$ Sale of 100 units @ $\$ 5.10$ per unit Assuming Tehran uses the perpetual inventory system, the second entry to account for the April 10 sale is

• A) debit Cost of Goods Sold and credit Inventory, $350.
• B) debit Cost of Goods Sold and credit Purchases, $350.
• C) debit Cost of Goods Sold and credit Inventory, $314.
• D) debit Cost of Goods Sold and credit Purchases, $314.

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Definitions:

Identity

The qualities, beliefs, personality, looks, and expressions that make a person or group unique.

High Self-Esteem

A positive view of oneself and confidence in one's own worth and abilities.

Identity

The way in which individuals perceive themselves and are recognized or distinguished by others, often shaped by personal choices and social influences.

Inflexible

Lack of flexibility or adaptability in thinking, planning, or interaction with the environment.