Use This Information to Answer the Following Question A Periodic Inventory System Is Used; Ending Inventory Is 140

question 22

Multiple Choice

Use this information to answer the following question. $\begin{array}{ll}\text { Beginning inventory } & 100 \text { units @ } \$ 8.00 \\\text { Purchase-Oct. } & 200 \text { units } \$ \$ .00 \\\text { Purchase-Dec. } & 100 \text { units } \$ 12.00\end{array}$ A periodic inventory system is used; ending inventory is 140 units.
What is cost of goods sold under FIFO?

• A) $1,760
• B) $3,160
• C) $2,160
• D) $4,160

---

Definitions:

U.S. Demand

The total desire or willingness to purchase goods and services in the United States, measured at a given price level and in a given time period.

Foreign Exchange

Foreign Exchange involves the trading of one currency for another, often conducted in the global foreign exchange market.

Demand Curve

A visual chart that illustrates the connection between a product's price and the amount of it consumers want to buy.

Currency Value

The worth of one country's currency in terms of another currency or standard measure.