Given the Following Information, Determine the Cost of Goods Sold

question 8

Multiple Choice

Given the following information, determine the cost of goods sold for December 31 using the FIFO perpetual inventory method. December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.

• A)$281.25
• B)$332.10
• C)$282.15
• D)$290.70
• E)$210.30

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Definitions:

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, emphasizing the effect of consequences on future behavior.

Classical Conditioning

This learning strategy involves pairing two stimuli repeatedly; a response that initially comes from the second stimulus eventually comes from the first stimulus on its own.

Social Learning

The process of acquiring behaviors, skills, or attitudes through observing and imitating the actions of others.

Cognitive Learning

A style of learning that emphasizes understanding, organizing, and applying information in context, often involving problem-solving and critical thinking.