The Following Lots of a Particular Commodity Were Available for Sale

question 36

Multiple Choice

The following lots of a particular commodity were available for sale during the year: $\begin{array}{lc}\text { Beginning invent ory } & 5 \text { units at } \$ 61 \\\text { First purchase } & 15 \text { units at } \$ 63 \\\text { Second purchase } & 10 \text { units at } \$ 74 \\\text { Third purchase } & 10 \text { units at } \$ 77\end{array}$ The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year.
What is the amount of cost of goods sold for the year according to the FIFO method?

• A) $1,380
• B) $1,375
• C) $1,510
• D) $1,250

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Definitions:

Stability

The quality of being resistant to change and capable of maintaining a constant condition or staying steady.

Discipline

Discipline involves the practice of training oneself or others to obey rules or a code of behavior, using punishment to correct disobedience or to cultivate a habit or skill.

Improve Communication

The process of enhancing the effectiveness and clarity of exchanging information between individuals or groups.

Be Understanding

The ability or effort to be empathetic and compassionate, making an attempt to see things from another's perspective.