Williams Company Had the Following Balances and Transactions During 2013

question 21

Multiple Choice

Williams Company had the following balances and transactions during 2013. What would the company's inventory amount be on the 31 December 2013 balance sheet if the perpetual FIFO method is used? (Answers are rounded to the nearest dollar.)

• A)$1 050
• B)$1 200
• C)$1 170
• D)$1 100

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Definitions:

P(A ∪ B)

The probability of the occurrence of at least one of two events, A or B.

P(A ∩ B)

The probability that both events A and B occur at the same time.

Convergent Thinking

A cognitive process in which one focuses on arriving at a single, correct solution to a problem, as opposed to generating multiple solutions.

Preconceptions

Pre-existing ideas or biases formed before having evidence or detailed knowledge, often influencing perception and decision-making.