The Units of an Item Available for Sale During the Year

question 3

Essay

The units of an item available for sale during the year were as follows: $\begin{array}{ll}\text { Jan. } 1 \text { Inventory } & 25 \text { units at } \$ 45 \\\text { Mar. } 4 \text { Purchase } & 15 \text { units at } \$ 50 \\\text { June } 7 \text { Purchase } & 35 \text { units at } \$ 58 \\\text { Nov. } 15 \text { Purchase } & 20 \text { units at } \$ 65\end{array}$ There are 30 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost using FIFO.

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Definitions:

Autism

A developmental disorder characterized by difficulties in social interaction and communication, and by restricted or repetitive patterns of thought and behavior.

Theory Of Mind

People’s ideas about their own and others’ mental states—about their feelings, perceptions, and thoughts, and the behaviors these might predict.

Mirror Neurons

Frontal lobe neurons that fire when performing certain actions or when observing another doing so. The brain’s mirroring of another’s action may enable imitation and empathy.

Observational Learning

Observational learning is a learning process through watching others, retaining the information, and then later replicating the behaviors that were observed.