Quan Uses a Periodic Inventory System - If Quan,Inc

question 155

Multiple Choice

Quan uses a periodic inventory system.The company had the following data for the month of April:
$$\begin{array}{lll}\text { April } 1 & \text { On hand, } 10 \text { units } @ \$ 2 \text { each } & \$ 20 \\19 & \text { Purchased } 90 \text { units } @ \$ 3 \text { each } & 270 \\& \text { Cost of goods avail able for sale } & \$ 290\\30 &\text { On hand, } 20 \text { units }\end{array}$$
- If Quan,Inc.uses the weighted average cost method,how much is cost of goods sold for April?

• A)$230
• B)$232
• C)$240
• D)$250

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Definitions:

Organization Corollary

A principle within George Kelly's personal construct theory that suggests individuals organize their experiences into hierarchies or systems of constructs.

Hierarchy

An ordered system or body in which members or divisions are classified above or below others based on their authority or standing.

Modulation Corollary

The understanding that individuals modify their personal constructs (perceived interpretations of the world) over time based on new experiences.

Range Corollary

A principle in George Kelly's personal construct theory which states that each construct applies to a finite range of events and is limited in its applicability.