The Inventory Data for an Item for November Are Using a Perpetual System, What Is the Cost of the

question 105

Multiple Choice

The inventory data for an item for November are: $\begin{array}{rll}\text { Nov } 1 & \text { Inventory } & 20 \text { units at } \$ 19 \\4 & \text { Sold } & 10 \text { units } \\10 & \text { Purchased } & 30 \text { units at } \$ 20 \\17 & \text { Sold } & 20 \text { units } \\30 & \text { Purchased } & 10 \text { units at } \$ 21\end{array}$ Using a perpetual system, what is the cost of the merchandise sold for November if the company uses FIFO?

• A) $610
• B) $600
• C) $590
• D) $580

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Definitions:

High Conscientiousness

A personality trait characterized by diligence, carefulness, thoroughness, and a tendency to follow through with obligations.

Internal Control

Internal control is a process implemented by management and other personnel to provide reasonable assurance regarding the achievement of objectives in effectiveness and efficiency of operations, reliability of financial reporting, and compliance with laws and regulations.

Negative Behaviour

Actions or attitudes that are harmful or undesirable within a social or work setting.

Climate

The general environment or atmosphere within a specific context, often referring to the social or emotional characteristics perceived by individuals and groups.