Instructions: _∙ Identify Each Item. Give an Explanation or Description of of the Item

question 1

Essay

Instructions:
_∙ Identify each item. Give an explanation or description of the item. Answer the questions who, what, where, and when.
Explain the historical significance of each item. Establish the historical context in which the
_∙ item exists. Establish the item as the result of or as the cause of other factors existing in the society under study. Answer this question: What were the political, social, economic,
and/or cultural consequences of this item?
-the California agricultural boom

---

Definitions:

Beginning Inventory

The value of inventory on hand at the start of an accounting period, used in calculating cost of goods sold.

Cost of Goods Sold

Direct financial expenditures related to the generation of a company’s saleable products, covering labor and materials.

Periodic Method

An inventory accounting method where updates to the inventory records are made periodically, typically at the end of the accounting period.

Merchandise Inventory

Goods available for sale, reported as a current asset on a company's balance sheet.