Clarke Company Uses the Periodic Inventory Method and Had the Following

question 18

Essay

Clarke Company uses the periodic inventory method and had the following inventory information available:
A physical count of inventory on December 31 revealed that there were 400 units on hand.
Instructions
Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $__________.
2. Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is $__________.
3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $__________.
4. Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less?

Recognize the principles of motivated behaviors.

Differentiate between origins and pawns in terms of control and motivation.

Analyze the role of competence in effective environmental interaction.

Understand the self-determination theory and its components.

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Definitions:

Passive People

Individuals who tend to accept actions or events without active response or resistance.

Unresponsive People

Individuals who show little to no reaction to communication attempts, feedback, or stimuli, making interaction particularly challenging.

Conflict Manager

An individual or tool that is skilled in resolving disputes and minimizing friction within an organization or group.

Competitor

An individual or entity that competes against others for the same goal, such as in business, sports, or any competitive environment.