Adam IncUses a Perpetual Inventory System and Has the Following Data

question 13

Multiple Choice

Adam Inc.uses a perpetual inventory system and has the following data for January:
$$\begin{array} { r l r } \text { Jan. } 1 & \text { On hand, } 10 \text { units } @ \$ 2 \text { each } & \$ 20 \\4 & \text { Sold } 8 \text { units } @ \$ 10 \text { each } & 80 \\22 & \text { Purchased } 50 \text { units } @ \$ 4 \text { each } & 200 \\26 & \text { Sold } 48 \text { units } @ \$ 10 \text { each } & 480\end{array}$$
- If Adam uses the FIFO method,how much is cost of goods sold for the month of January?

• A)$204
• B)$208
• C)$212
• D)$560

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Definitions:

Education

The process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits through various means including teaching, training, and research.

U.S. GNP

Gross National Product of the United States, which is the total market value of all final goods and services produced by residents of the country within a specific time period, regardless of production location.

American Doctor

A licensed medical practitioner in the United States qualified to diagnose and treat illnesses, injuries, and other health conditions.

Net Exports

The net trade balance of a country, calculated by subtracting its total imports from its total exports.