Jameson, Inc What Would Be Reported for Cost of Goods Sold on \begin{array}

question 65

Multiple Choice

Jameson, Inc. had the following balances and transactions during 2019: $$\begin{array} { | l | l | } \hline \text { Beginning Merchandise Inventory as of January 1,2019 } & 240 \text { units at } \$ 72 \\\hline \text { March } 10 & \text { Sold } 60 \text { units } \\\hline \text { Iune } 10 & \text { Purchased } 175 \text { units at } \$ 79 \\\hline \text { October } 30 & \text { Sold } 175 \text { units } \\\hline\end{array}$$ What would be reported for Cost of Goods Sold on the income statement for the year ending December 31, 2019 if the perpetual inventory system and the last-in, first-out inventory costing method are used?

• A) $18,145
• B) $13,825
• C) $4,320
• D) $16,920

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Definitions:

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A theory in philosophy of law which holds that laws are rules established by human authorities and there's no inherent or necessary connection between law and morality.

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A school of legal thought that holds that the law is only one factor to be considered when deciding cases and that social and economic circumstances should also be taken into account.

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