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

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Definitions:

Neutral Outcomes

Results of an action or experiment that neither significantly benefit nor harm the situation or subjects involved.

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An individual's belief in their own ability to succeed in specific situations or accomplish a task.

Confident People

Individuals who possess self-assurance and a strong belief in their own abilities and worth.

Self-Reinforcement

A process where individuals reward themselves for reaching a goal or maintaining a standard of behavior.