The Following Lots of a Particular Commodity Were Available for Sale

question 66

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 LIFO method?

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

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Definitions:

Ejaculate

The act of discharging semen from the male reproductive tract as a part of the sexual response cycle.

Ovum

The female reproductive cell or egg, which can be fertilized by a sperm cell to produce a zygote.

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A genetic blood disorder causing red blood cells to assume a sickle shape, leading to various health complications such as blockage of blood flow and anemia.

African American

A racial or ethnic group in the United States with ancestral ties to Africa, particularly Sub-Saharan Africa.