Delta diamonds had 5 diamonds available for sale this year: 1 purchased june 1 for $500; 2 purchased july 9 for $550 each; and 2 purchased september 23 for $600 each. on december 24, it sold 1 of the diamonds. using lifo periodic, its cost of goods sold is

$600

Explanation:

Data provided in the question:

Number of diamonds with delta = 5

1 diamond purchased on June 1 for  $500

2 diamond purchased on July 9 for $550 each

2 diamond purchased on September 23 for $600 each

Now,

under the LIFO (Last In First Out) , the unit purchased last will be sold first

Therefore,

Before December 24 t, last purchase was 2 diamond purchased on September 23 for $600 each

Hence,

The Cost of Goods Sold is $600

answer; i believe both technician (a) and (b) are correct; /// good luck

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know