The Following Information Was Taken from the Inventory Records of Helena

question 46

Multiple Choice

The following information was taken from the inventory records of Helena Ltd.: $$\begin{array} { | l | l | } \hline \text { Dates } & \text { Inventory units } \\\hline \text { Inventory - Feb 1 } & 100 \text { units at } \$ 3.00 \\\hline \text { Purchases - April 1 } & 300 \text { units at } \$ 3.10 \\\hline \text { Purchases - July 15 } & 200 \text { units at } \$ 3.20 \\\hline \text { Units available for sale } & 600 \text { units } \\\hline & \\\hline \text { Sales - May 10 } & 200 \text { units at } \$ 6.00 \\\hline \text { Sales - November 15 } & 100 \text { units at } \$ 6.10 \\\hline\end{array}$$ What would be the cost of goods sold, assuming that the FIFO method is used in a periodic inventory system?

• A)$920
• B)$930
• C)$940
• D)$950

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Definitions:

Carrier

A reservoir host who is unaware of the presence of a pathogen and so spreads the disease while exhibiting no symptoms of infection.

Healthcare Insurance

A form of insurance coverage that pays for medical and surgical expenses incurred by the insured.

Premium

The basic annual cost of healthcare insurance.

Annual Cost

The total amount spent on a particular item, service, or operation over the course of a year.