A Company Purchased 200 Units for $40 Each on January

question 119

Multiple Choice

A company purchased 200 units for $40 each on January 31.It purchased 165 units for $50 each on February 28.It sold 225 units for $65 each from March 1 through December 31.If the company uses the last-in,first-out inventory costing method,what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)

• A) $10,650
• B) $8,250
• C) $8,000
• D) $16,250

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Definitions:

ISO 26000:2010

An international standard providing guidelines on social responsibility for businesses and organizations.

Precautionary Approach

A principle advising that action should be taken to prevent harm when it is uncertain, prioritizing prevention over reaction.

Environmental Challenges

Environmental challenges refer to the diverse issues impacting the natural environment, such as climate change, pollution, deforestation, and loss of biodiversity, which pose threats to ecosystems and human well-being.

UN Global Compact

A United Nations initiative to encourage businesses and firms worldwide to adopt sustainable and socially responsible policies, and to report on their implementation.