Use the Following Information for Questions

question 9

Multiple Choice

Use the following information for questions.
Tehran Ltd.uses FIFO to cost its inventory.The following information is available for Tehran's inventory of product # 101:
-Assuming Tehran uses the perpetual inventory system, the entry to account for the March 1 purchase is

• A)debit Inventory and credit Accounts Payable, $875.
• B)debit Purchases and credit Accounts Payable, $875.
• C)debit Accounts Payable and credit Purchases, $875.
• D)debit Accounts Payable and credit Inventory, $875.

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Definitions:

Forbidden Impulse

An unconscious wish or desire that is deemed unacceptable or taboo by societal standards and is often repressed.

Anxiety

A sensation of apprehension, tension, or discomfort, often in anticipation of an upcoming event or regarding a situation whose outcome is not yet known.

Impulse Gratification

The immediate fulfillment of desires or impulses without consideration for the long-term consequences.

Rationalisation

A defense mechanism in psychology where controversial behaviors or feelings are justified and explained in a seemingly rational or logical manner to avoid the true explanation.