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:

Uncomfortable

A feeling of physical or psychological distress or unease.

Inappropriate

Not suitable or proper in the context or situation.

Prevent Conflict

Methods and strategies intended to avoid disputes or disagreements before they become more serious issues.

Improve Communication

The process of enhancing the exchange of information between individuals or groups to achieve clearer and more effective interactions.