Faster Company Uses the Periodic Inventory Method and Had the Following

question 248

Short Answer

Faster 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 55 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. Assume that the company uses the FIFO method. The value of the cost of goods sold at December 31 is $__________.

Recognize every report as an opportunity to contribute to organizational success and demonstrate comprehension of the audience's needs.

Understand the initial steps in effective research, including planning and managing information.

Comprehend the importance of choosing the appropriate channel and medium for a report or proposal.

Know the effective approaches based on the audience's readiness to accept the main idea, including direct and indirect approaches.

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Definitions:

SELL Process

A sales methodology involving Showing features, Explaining benefits, Leading into advantages, and Letting the customer see themselves using the product or service.

Feedback Resistance

Feedback Resistance occurs when individuals or organizations are unwilling or hesitant to accept constructive criticism or suggestions for improvement.

Source Manipulation

Altering or adjusting the origin or presentation of information, often to mislead or serve a particular agenda.

Territorial Space

The physical or geographic area assigned to a salesperson or team within which they are responsible for conducting sales activities.