A company has beginning inventory of 10 units at a cost of $10 each on February 1. On February 3, it purchases 20 units at $12 each. 12 units are sold on February 5. Using the periodic FIFO inventory method, what is the cost of the 12 units that are sold?
A. $124
B. $140
C. $128
D. $120
E. $130
Answer: A
You might also like to view...
Which of the following statements is true of the Employee Polygraph Protection Act?
A. If the state law regarding the use of lie detector tests is stricter than the federal law, it is preempted. B. The act allows manufacturers and distributors of controlled substances wider use of mechanical lie detector tests. C. It permits the employer to use lie detector tests on employees only when the employer is engaged in an investigation of theft. D. The act permits private employers to use mechanical lie detector tests for the purpose of screening applicants.
North Woods Company has a line of credit with Olympia State Bank. North Woods agreed to pay interest at an annual rate equal to 3% above the bank's prime rate. Funds are borrowed or repaid on the first day of each month and interest is paid in cash on the last day of each month. Borrowing is shown as a positive amount, and repayments are shown as negative amounts indicated by parentheses. Activity to date is given as follows: MonthAmt. Borrowed(Repaid)Prime Rate forthe MonthJanuary$25,000? 7?% February 39,000? 5?% March (25,000)? 3?% What is the amount of interest paid at the end of March? (Do not round your intermediate calculations.)
A. $208.0 B. $97.5 C. $227.5 D. $195.0
Flexible budgets use budgeted (or standard) costs at the actual level of activity
Indicate whether the statement is true or false
The federal law that prohibits the denying of credit based on gender, age, race, national origin, religion, or marital status is the ________
Fill in the blank(s) with the appropriate word(s).