Two Companies Report the Same Cost of Goods Available for Sale

question 11

Multiple Choice

Two companies report the same cost of goods available for sale but each employs a different inventory costing method.If the price of goods has increased during the period, then the company using

• A)LIFO will have the highest ending inventory.
• B)FIFO will have the highest cost of goods sold.
• C)FIFO will have the highest ending inventory.
• D)LIFO will have the lowest cost of goods sold.

Understand negative reinforcement and its effect on behavior.

Identify and explain the schedules of reinforcement in operant conditioning.

Recognize the role of cognitive processes in conditioning.

Discern the various outcomes and processes involved in conditioning and learning theories.

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Definitions:

Consensus Effect

The tendency for people to overestimate the extent to which others share their views, beliefs, and experiences.

Self-Perception Theory

A theory suggesting that individuals determine their attitudes and preferences by observing their own behavior and the circumstances in which it occurs.

Observing

The act of watching or monitoring something carefully in order to gain information.

Stable Attributions

The tendency to believe that an individual's behavior in a given situation is due to unchanging, enduring traits or abilities.