A Firm Has Beginning Inventory of 450 Units at a Cost

question 10

Multiple Choice

A firm has beginning inventory of 450 units at a cost of $10 each. Production during the period was 500 units at $12 each. If sales were 700 units, what is the cost of goods sold (assume FIFO) ?

• A) $7,500
• B) $8,000
• C) $7,900
• D) $8,100

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Definitions:

Dual Federalism

A political arrangement in which power is divided between the federal and state governments in clearly defined terms, with state governments exercising those powers accorded to them without interference from the federal government.

Block Grants

Financial resources provided by the federal government to state and local governments, with relatively few restrictions on how they can be spent, often for broad purposes like community development or social services.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s to help recover from the Great Depression.