Testbank Multiple Choice Question 114 Vaughn Manufacturing uses the periodic inventory system. For the current month, the beginning inventory consisted of 488 units that cost $69 each. During the month, the company made two purchases: 723 units at $72 each and 363 units at $74 each. Vaughn Manufacturing also sold 1205 units during the month. Using the FIFO method, what is the amount of cost of goods sold for the month

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Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

Ithink the answer is true.