Beginning Inventory, Purchases, and Sales Data for Hammers Are as Follows

question 32

Essay

Beginning inventory, purchases, and sales data for hammers are as follows:? $$\begin{array} { | l | c | l | l | } \hline & \text { Mar. } 3 & \text { Inventory } & 12 \text { units at } \$ 15 \\\hline & 11 & \text { Purchase } & 13 \text { units at } \$ 17 \\\hline & 14 & \text { Sale } & 18 \text { units } \\\hline & 21 & \text { Purchase } & 9 \text { units at } \$ 20 \\\hline & 25 & \text { Sale } & 10 \text { units } \\\hline\end{array}$$ Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of merchandise sold and ending inventory under the following assumptions:
(a) First-in, first-out? $\begin{array}{|l|l|l|l|}\hline ~\quad\quad\quad\quad&\quad~\quad\quad\quad\text { Purchases }\quad\quad\quad & \begin{array}{c}\quad\quad~~\quad\text { Cost of } \quad\quad\quad\quad\\\text { Merchandise Sold }\end{array} & \quad\quad\quad\quad\quad\text { Inventory }\quad\quad~ \\\end{array}$
$\begin{array}{|c|c|c|c|c|c|c|c|c|c|}\hline \text { Date } & \text { Qty. } & \begin{array}{c}\text { Unit } \\\text { Cost }\end{array} & \begin{array}{c}\text { Total } \\\text { Cost }\end{array} & \text { Qty. } & \begin{array}{c}\text { Unit } \\\text { Cost }\end{array} & \begin{array}{c}\text { Total } \\\text { Cost }\end{array} & \text { Qty. } & \begin{array}{c}\text { Unit } \\\text { Cost }\end{array} & \begin{array}{c}\text { Total } \\\text { Cost }\end{array} \\\hline \text { Mar. 3 } & & & & & & & & & \\\hline 11 & & & & & & & & & \\\hline 14 & & & & & & & & & \\\hline 21 & & & & & & & & & \\\hline 25 & & & & & & & & & \\\hline \text { Balances } & & & & & & & & & \\\hline\end{array}$ (b) Last-in, first-out $\begin{array}{|l|l|l|l|}\hline ~\quad\quad\quad\quad&\quad~\quad\quad\quad\text { Purchases }\quad\quad\quad & \begin{array}{c}\quad\quad~~\quad\text { Cost of } \quad\quad\quad\quad\\\text { Merchandise Sold }\end{array} & \quad\quad\quad\quad\quad\text { Inventory }\quad\quad~ \\\end{array}$
$\begin{array}{|c|c|c|c|c|c|c|c|c|c|}\hline \text { Date } & \text { Qty. } & \begin{array}{c}\text { Unit } \\\text { Cost }\end{array} & \begin{array}{c}\text { Total } \\\text { Cost }\end{array} & \text { Qty. } & \begin{array}{c}\text { Unit } \\\text { Cost }\end{array} & \begin{array}{c}\text { Total } \\\text { Cost }\end{array} & \text { Qty. } & \begin{array}{c}\text { Unit } \\\text { Cost }\end{array} & \begin{array}{c}\text { Total } \\\text { Cost }\end{array} \\\hline \text { Mar. 3 } & & & & & & & & & \\\hline 11 & & & & & & & & & \\\hline 14 & & & & & & & & & \\\hline 21 & & & & & & & & & \\\hline 25 & & & & & & & & & \\\hline \text { Balances } & & & & & & & & & \\\hline\end{array}$

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Definitions:

Receptive Field

The specific area within the visual world that a neuron, or a neural circuit, responds to.

Fovea

A tiny indentation in the retina that is the location of the sharpest vision.

Visual Acuity

Refers to the sharpness of vision, measured by the ability to discern letters or numbers at a given distance according to a standardized eye chart.

Peripheral Vision

The part of vision that occurs outside the very center of gaze, allowing humans to detect motion and stimuli outside the direct line of sight.