Malcom,Inc.had the Following Balances and Transactions During 2017

question 79

Multiple Choice

Malcom,Inc.had the following balances and transactions during 2017:

What would be reported as Cost of Goods Sold on the income statement for the year ending December 31,2017 if the perpetual inventory system and the first-in,first-out inventory costing method are used?

• A)$14,350
• B)$19,750
• C)$31,550
• D)$24,670

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Definitions:

Population

A group of individuals of the same species that live in the same area and have the potential of interbreeding.

Somatic Cells

These are any cells forming the body of an organism, excluding reproductive cells.

Mutations

Changes in the DNA sequence of an organism's genome that can lead to variations in physical appearance, function, or behavior.

Nonrandom Mating

A mating pattern in which individuals within a population choose mates based on particular traits or proximity, rather than mating at random.