Cement Company, Inc

question 10

Multiple Choice

Cement Company, Inc. began the first quarter with 1,000 units of inventory costing $25 per unit. During the first quarter, 3,000 units were purchased at a cost of $40 per unit, and sales of 3,400 units at $65 per units were made. During the second quarter, the company expects to replace the units of beginning inventory sold at a cost of $45 per unit. Cement Company uses the LIFO method to account for inventory. What is the correct journal entry to record cost of goods sold at the end of the first quarter?

• A) Option A
• B) Option B
• C) Option C
• D) Option D
• E) Option E

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Definitions:

Optic Nerve

The cranial nerve that transmits visual information from the retina to the brain.

Facial Nerve

The seventh cranial nerve that controls the muscles of facial expression, taste sensation on two-thirds of the tongue, and the production of saliva and tears.

Trigeminal Nerve

A cranial nerve responsible for sensory information from the face and motor functions such as biting and chewing.

Pyramidal System

A motor system that carries voluntary movements signals from the brain to the muscles, mainly involving the cerebral cortex and the spinal cord.