As a Result of a Thorough Physical Inventory Greeley Company

question 127

Multiple Choice

As a result of a thorough physical inventory Greeley Company determined that it had inventory worth $325000 at December 31 2016. This count did not take into consideration the following facts: Walker Consignment currently has goods worth $47000 on its sales floor that belong to Greeley but are being sold on consignment by Walker. The selling price of these goods is $75000. Greeley purchased $22000 of goods that were shipped on December 27. FOB destination that will be received by Greeley on January 3. Determine the correct amount of inventory that Greeley should report.

• A) $325000.
• B) $347000.
• C) $372000.
• D) $387000.

---

Definitions:

Code-based Processing

Involves deciphering information based on symbolic systems or codes, such as language or mathematics.

Information Processing Approach

describes a cognitive psychology theory that likens human thought processes to the operations of a computer, focusing on how information is taken in, processed, stored, and retrieved.

Empirically Tested

Refers to methods, theories, or measures that have been tested through empirical research, involving observation and experiment.

Piaget and Vygotsky

Prominent theorists in developmental psychology, Jean Piaget is known for his theory of cognitive development, while Lev Vygotsky is famous for his theory on social development and the concept of the Zone of Proximal Development.