Harris Inc

question 137

Multiple Choice

Harris Inc.had the following balances and transactions during 2015: What would the Cost of Goods Sold be as reported on the income statement for the year ending December 31,2015 if the perpetual first-in,first-out costing method is used?

• A)$8,000
• B)$12,200
• C)$24,400
• D)$16,200

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Definitions:

Tapered Roller Bearings

Bearings that can support significant axial and radial loads; they use conical rollers guided by a back-face rib on the cone.

Radial

Pertaining to directions or movements that extend outward from a central point or axis, commonly used in describing mechanical parts or forces.

Thrust Loads

Forces applied parallel to the axis of a bearing, shaft, or axle, pushing against its lengthwise direction.

Roller Bearings

Bearings that use cylindrical rollers to maintain the separation between moving parts of a bearing, reducing friction and supporting radial and axial loads.