The Following Lots of a Particular Commodity Were Available for Sale

question 152

Multiple Choice

The following lots of a particular commodity were available for sale during the year: 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 the year according to the LIFO method?

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

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Definitions:

Activation of Receptors

The process by which receptors on the cell surface or inside the cell are engaged by specific stimuli, leading to a cellular response.

Sensation

The process by which sensory receptors and the nervous system receive and represent stimulus energies from the environment.

Minimal Stimulus

The smallest level of stimulation that can be detected or that elicits a response from an organism.

Absolute Threshold

The minimum intensity of a stimulus that one can detect 50% of the time, delineating the boundary between detectable and undetectable sensations.