Tedder Co
Tedder Uses a Periodic Inventory System -Refer to the Information Provided in the Figure Tedder Co

question 124

Multiple Choice

Tedder Co.
Tedder uses a periodic inventory system. At the end of January, 20 units were on hand. The following additional information is available for the month of January:
$$\begin{array} { l l c l } \text { Jan. } 1 & \text { Beginning inventory: } 10 \text { units at \$2 each } & \$ 20 \\20 & \text { Purchased } 90 \text { units for } \$ 3 \text { each } & 270 & \\& { \text { Cost of goods available for sale } } & \$ 290\end{array}$$
-Refer to the information provided in the figure Tedder Co.If the company uses FIFO inventory costing,how much is cost of goods sold for January?

• A) $230
• B) $232
• C) $240
• D) $250

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Definitions:

Cupcakes

Small, individually-sized cakes that are typically frosted and decorated, often used to celebrate events or milestones.

Total Surplus

Total surplus is the sum of consumer surplus and producer surplus in a market, representing the total benefits to both buyers and sellers from trade.

Producer Surplus

The difference between the amount that producers are willing to sell a good for and the actual amount received by them.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive.