Assuming a Perpetual Inventory System and the Last-In, First-Out Method

question 38

Essay

Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the inventory on November 30 and (b) the cost of the goods sold for November.​

Understand the impact of the principal's bankruptcy on the agent's power.

Recognize the requirements for terminating an agent's apparent authority.

Distinguish between actual, implied, and express authority of an agent.

Understand the contractual liability implications for disclosed, partially disclosed, and undisclosed principals.

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Definitions:

Brood Parasitism

A reproductive strategy where one species lays its eggs in the nest of another species, leaving the host to incubate and rear the parasitic offspring.

Mate Guarding Hypothesis

A theory explaining certain behaviors intended to prevent sexual access to one’s mate by competitors, ensuring paternity certainty.

Monogamy

A mating system in which an individual has only one mate during a breeding season or for a lifetime.

Kirk's Dik-dik

A small antelope species native to Eastern and Southern Africa, known for its distinctive snout and monogamous pair bonds.