Use This Information to Answer the Following Question

question 91

Multiple Choice

Use this information to answer the following question. A periodic inventory system is used.
Using LIFO,cost of goods sold is

• A)$3,480.
• B)$8,928.
• C)$2,664.
• D)$8,112.

---

Definitions:

Operating Cycle

The duration of time it takes for a company to purchase inventory, sell the products, and collect cash from the sales.

Maturity Value

The total amount payable to an investor at the end of a bond's term, including both the principal and the interest.

Bonds

Fixed-income investments representing loans made by an investor to a borrower, typically corporate or governmental.

Cash Proceeds

The total amount of cash received from the sale of goods, asset disposals, or financing transactions.