Storme Shutters Has the Following Inventory Information A Physical Count of Merchandise Inventory on November 30 Reveals

question 203

Multiple Choice

Storme Shutters has the following inventory information. $\begin{array}{rrr}\text { Nov. }&1 & \text { Inventory } & 30 \text { units } @ \$ 8.00 \\&8 & \text { Purchase } & 120 \text { units } \$ 8.30 \\&17 & \text { Purchase } & 60 \text { units } \$ 8 .70 \\&25 & \text { Purchase } & 90 \text { units } \$ 8.80\end{array}$ A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Ending inventory under FIFO is

• A) $655.
• B) $704.
• C) $1,758.
• D) $1,812.

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Definitions:

Availability Heuristic

A cognitive shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic, concept, method or decision.

Likelihood

Refers to the probability or chance of an event occurring.

Occurrence

The fact or frequency of something happening or being present in a place or situation.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.