On June 1,beginning Inventory Consists of Ten Items That Cost

question 170

Multiple Choice

On June 1,beginning inventory consists of ten items that cost $100 each.On June 8,ten more items are purchased at $120 each.On June 12,fifteen items are sold for $200 each.On June 28,ten items are purchased at $130 each.Using periodic LIFO,cost of goods sold for the month ended June 30 equals ________.

• A)$1,600
• B)$1,800
• C)$1,900
• D)$1,950

---

Definitions:

Foreign Exchange Markets

Global decentralized or over-the-counter markets for trading currencies, determining the foreign exchange rates.

High Rates of Inflation

A situation where the rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling, is significantly above the normal rate.

Rate of Inflation

The percentage increase in the price level of goods and services in an economy over a period of time, typically calculated annually.

U.S. Exports

Goods and services produced in the United States and sold to other countries, contributing to the country's GDP.