REFERENCE: Ref.08_08 Cement Company,Inc.began the First Quarter with 1,000 Units of Inventory

question 16

Multiple Choice

REFERENCE: Ref.08_08
Cement Company,Inc.began the first quarter with 1,000 units of inventory costing $25 per unit.During the first quarter,3,000 units were purchased at a cost of $40 per unit,and sales of 3,400 units at $65 per units were made.During the second quarter,the company expects to replace the units of beginning inventory sold at a cost of $45 per unit.Cement Company uses the LIFO method to account for inventory.
-What is the correct journal entry to record cost of goods sold at the end of the first quarter?

• A)Entry A.
• B)Entry B.
• C)Entry C.
• D)Entry D.
• E)Entry E.

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Definitions:

Injunctive Norm

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The concentration of testosterone, a primary male sex hormone, present in the blood plasma.

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Exerting control or influence over others in an assertive or aggressive manner.

Displaced Aggression

Describes a psychological phenomenon where individuals direct their aggressive feelings or behaviors towards an object or person other than the source of their frustration.