Use the Information That Follows Concerning Yarley's Gift Store to Answer

question 19

Essay

Use the information that follows concerning Yarley's Gift Store to answer problems
Grandma's Gift Store uses the periodic inventory method. nventory and purchase information for July is as follows:
$\begin{array}{llc}\text { July 1 } & \text { Beginning inventory } & 500 @ \$ 4 \\\text { July 10 } & \text { Purchase } & 800 @ \$ 5 \\\text { July 31 } & \text { Ending inventory } & 300\end{array}$

-Grandma's Gift Store uses the Average cost flow assumption. Calculate its cost of goods sold for July and its inventory at July 31. Round average cost per unit to 3 decimal places.

Recognize the role of informal and formal status systems in organizational behavior and communication.

Describe how norms influence group behavior and cohesiveness in organizations.

Comprehend the concept of roles, including their formation, expectations, and impact on individual behavior in groups.

Examine the psychological and organizational effects of role dynamics such as person-role conflict and role ambiguity.

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Definitions:

Inventory

The raw materials, work-in-process products, and finished goods considered to be the portion of a business's assets that are ready or will be ready for sale.

Current Asset

Assets expected to be converted into cash, sold, or consumed within one year or the normal operating cycle, whichever is longer.

FOB Shipping Point

FOB Shipping Point is a delivery term that means the buyer takes ownership and responsibility for the goods once they leave the seller's premises.