Indigo Ltd Uses the FIFO Assumption with the Periodic Inventory

question 14

Multiple Choice

Indigo Ltd uses the FIFO assumption with the periodic inventory method.
Units Unit Total
Cost cost
Beginning inventory 12 $10 $120
Purchase 10 $12 $120
Purchase 6 $11 $66
Sales during year were 16 units. What was the value assigned to the closing stock of this item at the end of the period?

• A) $66
• B) $120
• C) $138
• D) $144

Identify and understand different types of interviews and their purposes.

Learn best practices for conducting company research prior to interviews.

Recognize the strategic aspects of social media in job hunting.

Develop effective strategies for successful telephone and in-person interviews.

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Definitions:

Concrete Operations

a stage in Jean Piaget's theory of cognitive development during which children gain the ability to think logically about concrete events.

Preoperational

A stage in Piaget's theory of cognitive development, occurring roughly between the ages of 2 and 7, characterized by symbolic thinking, egocentrism, and a lack of operational thought.

Sensorimotor

A developmental stage in early childhood, as proposed by Piaget, where children learn about and experience the world primarily through their senses and motor actions.

Formal Operations

The final stage in Piaget's theory of cognitive development, starting around age 12, where individuals develop the ability to think abstractly, logically, and systematically.