Given the Following Information, Determine the Cost of Goods Sold

question 34

Multiple Choice

Given the following information, determine the cost of goods sold at December 31 using the LIFO periodic 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)$284.70
• B)$332.10
• C)$281.25
• D)$290.70
• E)$297.00

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Definitions:

Social Science

A branch of science that deals with the institutions and functioning of human society and the interpersonal relationships of individuals as members of society.

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The set of rules that governs the use of commas to separate elements in sentences, clarifying meaning and indicating pauses.

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