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

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Definitions:

Tertiary Circular Reactions

A cognitive developmental phase in Jean Piaget's theory, occurring around 12 to 18 months of age, during which infants begin to experiment and explore the properties of objects through novel actions.

Primary Circular Reactions

An early developmental phase in infants where they repeat pleasurable actions centered on their own body.

Preoperational Stage

According to Piaget, the stage from approximately age 2 to age 7 in which children’s use of symbolic thinking grows, mental reasoning emerges, and the use of concepts increases.