After John Brown's Raid on Harpers Ferry,the South Concluded That

question 45

Multiple Choice

After John Brown's raid on Harpers Ferry,the South concluded that

• A) there was imminent danger of a massive slave uprising.
• B) the U.S. army could not protect slavery.
• C) Brown should be put in an insane asylum.
• D) all abolitionists should be criminally prosecuted as conspirators.
• E) the North was dominated by "Brown-loving" Republicans.

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Definitions:

Periodic Inventory

An inventory accounting system where inventory counts and cost of goods sold (COGS) are determined at the end of an accounting period.

Inventory Balance

The total value of a company's inventory at the end of an accounting period, comprising raw materials, work-in-progress, and finished goods.

LIFO of $450,000

The last-in, first-out method applied to inventory that results in an ending balance of $450,000.

LIFO Reserve

The difference between the cost of inventory calculated using the Last In, First Out (LIFO) method and the cost calculated using the First In, First Out (FIFO) method.