Acme-Jones Corporation Uses a LIFO Perpetual Inventory System

question 106

Multiple Choice

Acme-Jones Corporation uses a LIFO perpetual inventory system. August 2, 25 units were purchased at $12 per unit.
August 5, 10 units were purchased at $13 per unit.
August 15, 12 units were sold at $25 per unit.
August 18, 15 units were purchased at $14 per unit.
What was the amount of the cost of goods sold?

• A)$184.53
• B)$163.00
• C)$174.43
• D)$154.00
• E)$144.00

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Definitions:

Discontinue

To stop doing or using something, either temporarily or permanently.

Milliliter

A unit of volume in the metric system equal to one-thousandth of a liter, commonly used to measure liquids in medicine and cooking.

QAM

An abbreviation often used in medical prescriptions that stands for "quaque ante meridiem," meaning every morning.

NPO

An abbreviation for "nil per os," a medical instruction meaning to withhold oral food and fluids from a patient.