Houle Limited reported the following summarized annual data at the end of 2018: 
*Based on an ending inventory of $420,000, using FIFO.The controller of the company is considering a switch from FIFO to average cost. He has determined that on an average cost basis, the ending inventory would have been $320,000.Instructions
a. Restate the summary information on an average cost basis.
b. If you were the management of this business, what would your reaction be to this proposed change?
Definitions:
Obvious/Hidden
Pertains to phenomena or characteristics that are readily apparent versus those that are concealed or not immediately noticeable.
Nature and Nurture
The debate regarding the relative contributions of genetics (nature) and environment (nurture) to individual development and behavior.
Free Will
The concept that individuals have the ability to make choices that are not determined by prior causes or by divine intervention.
Superego
In psychoanalytic theory, the part of the personality that holds moral standards, conscience, and ideals, often in conflict with the desires of the id.
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