Eastview Company Uses a Periodic LIFO Inventory System,and Has the Following

question 192

Multiple Choice

Eastview Company uses a periodic LIFO inventory system,and has the following purchases and sales:
$$\begin{array} { | l | l | } \hline \text { January 1 } & 150 \text { units were purchased at \$9 per unit. } \\\hline \text { January } 17 & 120 \text { units were sold. } \\\hline \text { January 20 } & 160 \text { units were purchased at \$11 per unit. } \\\hline \text { January 29 } & 150 \text { units were sold. } \\\hline\end{array}$$
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What is the value of cost of goods sold?

• A) $2,730.
• B) $2,750.
• C) $2,670.
• D) $440.
• E) $380.

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Definitions:

Technology

The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machinery, and systems.

Production Possibilities Frontier

The production possibilities frontier (PPF) is a curve depicting all maximum output possibilities for two or more goods, given a set of inputs.

Opportunity Cost

The value of the next best alternative that is forgone as a result of making a particular choice.

Inputs

In economics, inputs are the resources used in the production of goods and services, such as labor, materials, and capital.