Assume That Three Identical Units of Merchandise Were Purchased During

question 50

Multiple Choice

Assume that three identical units of merchandise were purchased during October, as follows:
$$\begin{array} { | l | c | l | c | c | } \hline & & & \text { Units } & \text { Cost } \\\hline \text { October } & 5 & \text { Purchase } & 1 & \$ 5 \\\hline & 12 & \text { Purchase } & 1 & 13 \\\hline & 28 & \text { Purchase } & \underline { 1 } & \underline { 15 } \\\hline \text { Total } & & & 3 & \$ 33 \\\hline\end{array}$$
-One unit is sold on October 31 for $28. Using the table provided, determine cost of goods sold under the average cost method.

• A) $22
• B) $17
• C) $13
• D) $11

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Definitions:

ULPA

Ultra-Low Penetration Air (ULPA) filters are highly efficient filtration systems capable of removing airborne contaminants with a very high degree of efficiency.

RULLCA

The Revised Uniform Limited Liability Company Act that governs the formation, operation, and dissolution of LLCs in states that have adopted it.

Merge

The combination of two or more entities into a single entity, in which one entity absorbs the others and their assets and liabilities.

Apparent Authority

A situation where a reasonable person would understand that an agent had authority to act, even if the agent did not have actual authority.