A Company Had Inventory of 10 Units at a Cost

question 98

Multiple Choice

A company had inventory of 10 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 22 units for $54 each. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold?

• A) $470.
• B) $490.
• C) $450.
• D) $570.
• E) $520.

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Definitions:

Human Resource Strategy

The planned approach to managing an organization's employees to align with the business objectives and improve productivity.

Employee Equity

A form of compensation that offers employees ownership interests, such as stock options, in the company they work for.

Due Process Protections

Legal protections ensuring fair treatment through the normal judicial system, especially as a citizen's entitlement.

Nonunion Grievance Procedures

Processes designed to handle employee complaints and disputes in workplaces where there is no labor union representation.