The Following Information Pertains to Julia & Company: March 1 $= 30$

question 162

Multiple Choice

The following information pertains to Julia & Company: March 1 Beginning inventory $= 30$ units $@ \$ 5$
March 3 Purchased15 units @ \$4
March 9 Sold 25 units $@ \$ 8$ What is the cost of goods sold for Julia & Company assuming it uses LIFO?

• A) $125.
• B) $100.
• C) $110.
• D) $85.

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Definitions:

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period.

Trading Portfolio

A collection of financial assets such as stocks, bonds, commodities, currencies, and derivatives held by an investor, primarily for the purpose of short-term speculation.

Stock Transactions

Activities involving the buying, selling, or issuing of shares of stocks in a company, either through exchanges or over-the-counter markets.

Stock Investments

A financial asset purchased in a corporation with the expectation of earning a return through dividends, stock price appreciation, or both.