Use This Information to Answer the Following Question A Periodic Inventory System Is Used

question 95

Multiple Choice

Use this information to answer the following question. $\begin{array}{llll}\text { Feb. } & 1 & \text { Inventory } & 200 \text { units @ } \$ 6.00 \\& 6 & \text { Purchase } & 300 \text { units } @ \$ 6.60\\&13 & \text { Purchase } & 100 \text { units } @ \$ 7.20 \\&20 & \text { Purchase } & 200 \text { units } @ \$ 7.80 \\&25 & \text { Purchase } & 40 \text { units @ } \$ 8.40 \\&&\text { Total sales }& 620 \text { units }\end{array}$

A periodic inventory system is used.
Using LIFO,cost of goods sold is

• A) $1,740.
• B) $4,464.
• C) $1,332.
• D) $4,056.

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Definitions:

Harder Work

Increased effort by individuals or groups to achieve better results or higher productivity in their jobs or tasks.

Conventional Occupations

Jobs or careers that follow traditional expectations or practices, often involving long-standing roles within a society or economy.

Economy's Longest Decline

A prolonged period of economic downturn, marked by decreasing GDP, high unemployment, and declining business activities.

Real Wages

refer to wages adjusted for inflation, representing the actual buying power of an individual's earnings.