Use This Inventory Information for the Month of June to Answer

question 44

Multiple Choice

Use this inventory information for the month of June to answer the following question. $\begin{array}{rlll}\text { June }&1 & \text { Beginning inventory } & 10 \text { units @ } \$ 120 \\&5 & \text { Purchase } & 60 \text { units @ } \$ 112 \\&14 & \text { Sale } & 40 \text { units } \\&21 & \text { Purchase } & 30 \text { units @ } \$ 116 \\&30 & \text { Sale } & 28 \text { units }\end{array}$
Assuming that a periodic inventory system is used,what is cost of goods sold on a LIFO basis?

• A) $7,696
• B) $7,736
• C) $3,664
• D) $3,704

Identify the gains from international trade in terms of total surplus and the distribution of benefits among consumers and producers.

Understand the strategic implications of import tariffs and agricultural subsidies in international trade.

Identify the common arguments for and against trade restrictions.

Recognize the historical background and purpose of the General Agreement on Tariffs and Trade (GATT).

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