ABC, Inc. uses a periodic inventory system. On Jan. 1, they had 10 units on hand, which had been purchased for $2 each. On Jan. 4 they sold 8 units at a selling price of $10 each. On Jan. 22 they purchased 50 units at $4 each. On Jan. 26 they sold 48 units at a selling price of $10 each. If ABC, Inc. uses the FIFO method, how much is cost of goods sold for the month of January?

a. $560

b. $204

c. $208

d. $212

ABC, Inc. uses a periodic inventory system. On Jan. 1, they had 10 units on hand which had been purchased for $2 each. On Jan. 4 they sold 8 units at a selling price of $10 each. On Jan. 22 they purchased 50 units at $4 each. On Jan. 26 they sold 48 units at a selling price of $10 each. If ABC, Inc. uses the LIFO method, what is the value of ending inventory on January 31?

Select one:

a. $20

b. $12

c. $ 8

d. $16

Each of the following items is considered persistent to earnings, except?

a. Cost of goods sold

b. Sales on account

c. General and Administrative expenses

d. Discontinued operations