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Beech Soda, Inc On 14 January, Beech Soda, Inc

question 61

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Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:
 Quantity  Unit Cost ($)   Total Cost ($)   Beginning inventory (1 Jan)  1610160 Purchases (11 Jan.)  1412168 Purchase (20 Jan.)  2315345 Total 53673\begin{array} { | l | c | c | c | } \hline & \text { Quantity } & \text { Unit Cost (\$) } & \text { Total Cost (\$) } \\\hline \text { Beginning inventory (1 Jan) } & 16 & 10 & 160 \\\hline \text { Purchases (11 Jan.) } & 14 & 12 & 168 \\\hline \text { Purchase (20 Jan.) } & 23 & 15 & \underline { 345 } \\\hline \text { Total } & 53 & & 673 \\\hline\end{array}
On 14 January, Beech Soda, Inc. sold 25 units of this product. The other 28 units remained in inventory at 31 January.


-Assuming that Beech Soda uses the LIFO flow assumption, the cost of goods sold to be recorded at 14 January is:

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Definitions:

Law Of Agency

A legal doctrine concerning the relationship between the agent and the principal, where the agent is authorized to act on behalf of the principal.

Quasi-Contract

A legal concept where the courts impose contractual obligations on parties not in an actual contract to prevent unjust enrichment.

Law Of Equity

A system of law that supplements the statutory and common laws, aiming to achieve fairness and justice in cases where strict application of the law might result in an inequitable outcome.

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A certified individual who acts on behalf of sellers or buyers in property sales.

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