Use This Information to Answer the Following Question

question 86

Multiple Choice

Use this information to answer the following question. Assuming that the specific identification method is used and that ending inventory consists of 15 units from each of the three purchases and five units from the January 1 inventory,cost of goods sold is

• A)$221.
• B)$418.
• C)$338.
• D)$445.

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Definitions:

Equity

Equity represents the value of ownership interest in a company, calculated as the difference between assets and liabilities.