The Inventory Record for a Particular Item for Year 2

question 6

Multiple Choice

The inventory record for a particular item for Year 2 appears below.
$\begin{array}{|l|l|l|l|}\hline \text { Inventory, January 1, Year 2 } & 20,000 & \$ 0.20 & \$ 4,000 \\\hline \text { Purchases: } & & & \\\hline \text { March 2 } & 4,000 & .24 & \$ 960 \\\hline \text { April 30 } & 3,000 & .28 & 840 \\\hline \text { June 15 } & 6,000 & .32 & 1,920 \\\hline \text { September 30 } & 2,000 & .26 & 520 \\\hline \text { December } 15 & 1.000 & .20 & 200 \\\hline \text { Total purchases } & 16.000 & & \$ 4,440 \\\hline \text { Total available for sale } & 36,000 & & \$ 8,440 \\\hline \text { Units sold } & 28,000 & & \\\hline\end{array}$ Refer to the Inventory Record example.The cost of goods sold for year 2 under FIFO is:

• A)$6,040
• B)$6,120
• C)$6,320
• D)$6,520
• E)$6,840

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Definitions:

Applicant

An individual who applies for a position, role, or opportunity, typically involving a formal process.

Illegal

Forbidden by law or statute, implying that the action or activity is unauthorized and punishable if caught.

Handicapped Applicants

Individuals applying for positions, programs, or services who have physical or mental impairments that substantially limit one or more major life activities.

Legal

Pertaining to the law or the application of the law, including regulations, rights, and obligations.