A Company's Inventory Records Indicate the Following Data for the Month

question 65

Essay

A company's inventory records indicate the following data for the month of January:
$$\begin{array} { | l | l | l | } \hline \text { Jan. } 1 & \text { Beginning } & 180 \text { units at } \$ 9 \text { each } \\\hline \text { Jan. 5 } & \text { Purchased } & 170 \text { units at } \$ 10 \text { each } \\\hline \text { Jan. 9 } & \text { Sold } & 300 \text { units at } \$ 35 \text { each } \\\hline \text { Jan. } 14 & \text { Purchased } & \text { 200units at } \$ 11 \text { each } \\\hline \text {Jan. 20 } & \text { Sold } & 150 \text { units at } \$ 35 \text { each } \\\hline \text { Jan. 30 } & \text { Purchased } & \text { 230units at } \$ 12 \text { each } \\\hline\end{array}$$
If the company uses the last-in,first-out perpetual inventory system,what is the amount of cost of goods sold for January?

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Definitions:

Compounded Quarterly

An approach to interest calculation that involves adding the interest to the principal sum every three months.

Compounded Semi-annually

The process of calculating and adding interest to the principal sum of a loan or deposit twice a year, which increases the amount of future interest earned.

Compounded Semi-annually

Interest calculated twice a year, factoring in previously accrued interest for each calculation.

Strip Bond

An investment instrument entitling its owner to receive only the face value of a bond at maturity.