Smart Tech's Beginning Inventory and Purchases for the Month of August

question 7

Essay

Smart Tech's beginning inventory and purchases for the month of August were as follows: ​
Required:
Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods.
a.
First-in, first-out (FIFO)
b.
Last-in, first-out (LIFO)
c.
Weighted-average cost (round the unit price)

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Definitions:

Organizational Compatibility

The degree to which an individual's values, goals, and behaviors align with the culture, values, and objectives of an organization.

Homophily

The tendency for individuals to associate and bond with similar others, often summarized as "like attracts like."

Structured Compatibility

The degree to which systems, processes, or entities are designed to match or work together in a harmonious manner.

Aronson

A social psychologist known for his work on social influence, the theory of cognitive dissonance, and the Jigsaw Classroom as a method to reduce racial prejudice.