Given the Following Information,determine the Cost of Goods Sold for December

question 156

Multiple Choice

Given the following information,determine the cost of goods sold for December 31 using the FIFO perpetual inventory method.
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.

• A)$282.15
• B)$332.10
• C)$281.25
• D)$290.70
• E)$210.30

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Definitions:

Risk-free Rate

The hypothetical yield of a risk-free investment, commonly signified by the interest rate on government bonds.

Cumulative Return

Cumulative return is the aggregate amount of money gained or lost by an investment over a set period, typically expressed as a percentage.

Initial Margin

The portion of the purchase price that an investor must deposit when buying securities on margin; serves as a down payment on the investment.

Maintenance Margin

The minimum amount of equity that must be maintained in a margin account after a purchase has been made, to keep the account open.