The Following Data Applies to a Particular Item of Merchandise

question 60

Multiple Choice

The following data applies to a particular item of merchandise: $\begin{array}{lrr}\text { On hand at start of period } & 300 & \$ 5.10 \\1^{\text {st }} \text { purchase } & 500 & 5.20 \\2^{\text {ndd }} \text { purchase } & 700 & 5.30 \\3^{\text {rd }} \text { purchase } & 600 & 5.50\\\text { Number of units available for sale } & 2,100 \\\text { On hand at end of period } & \underline{500} \\\text { Number of units sold during period } & \underline{1,600}\end{array}$ ? Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the specific identification costing method, the amount of the cost of goods sold would be

• A) $2,730.
• B) $8,410.
• C) $11,140.
• D) $13,870.

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Definitions:

Structuralism

An approach in psychology (and also in sociology and linguistics) that analyzes elements of human culture, society, and mind; it suggests that these parts of society are structured to maintain its stability.

Functionalism

A perspective in sociology and psychology that views society as a complex system whose parts work together to promote solidarity and stability.

Comparative Psychologists

Researchers who study the behaviors and mental processes of animals to understand the evolutionary and developmental underpinnings of human psychology.

Animal Intelligence

The capacity of animals to solve problems, adapt to new situations, and possibly exhibit behaviors indicative of thought.