Fix-It Hardware Began the Month of November with 150 Large

question 13

Multiple Choice

Fix-It Hardware began the month of November with 150 large brass switchplates on hand at a cost of $4.00 each.These switchplates sell for $7.00 each.The following schedule presents the sales and purchases of this item during the month of November.
$\begin{array}{|l|l|l|l|}\hline&\text { Purchases }\\\hline \text { Date of Transaction } & \text { Quantity Received } & \text { Unit Cost } & \text { Units Sold } \\\hline \text { November 5 } & & & 100 \\\hline \text { November 7 } & 200 & \$ 4.20 & \\\hline \text { November } 9 & & & 150 \\\hline \text { November } 11 & 200 & 4.40 & \\\hline \text { November } 17 & & & 220 \\\hline \text { November } 22 & 250 & 4.80 & \\\hline \text { November } 29 & & & 100 \\\hline\end{array}$ (CMA adapted, Dec 92 #28) Refer to the Fix-It Hardware example.If Fix-It uses (periodic) LIFO inventory pricing, the cost of goods sold for November would be

• A)$2,416
• B)$2,474
• C)$2,508
• D)$2,584
• E)$2,684

---

Definitions:

Power Distance

A cultural dimension that reflects the extent to which less powerful members of organizations and institutions accept and expect that power is distributed unequally.

Charisma

A personal quality that enables an individual to attract, inspire, and influence others through their presence and communication style.

Ethics

The philosophical study of morality.

Normative Theory

A framework that describes how things should be or how societal norms and standards guide individual actions and institutional practices.