Use the Following Information for Questions

question 61

Multiple Choice

Use the following information for questions.
Tang Inc.uses the retail inventory method.The following information is available for the current year:
-If the ending inventory is to be valued at approximately lower of average cost and market, the calculation of the cost ratio should be based on cost and retail of

• A)$450,000 and $645,000.
• B)$450,000 and $642,000.
• C)$559,000 and $825,000.
• D)$567,000 and $828,000.

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Definitions:

Developmental Stages

Distinct periods in an individual's life characterized by specific physical, psychological, and emotional features.

Cognitive Flexibility

The mental ability to switch between thinking about two different concepts, or to think about multiple concepts simultaneously, facilitating problem-solving and adaptation.

Analytical Reasoning

The process of evaluating information to solve problems through logical thinking and analytical skills.

B. F. Skinner

An influential American psychologist known for his work in behaviorism and development of operant conditioning – a method of learning that occurs through rewards and punishments.