P Didee Has the Following Inventory Information Assuming That a Perpetual Inventory System Is Used, What Is

question 118

Multiple Choice

P. Didee has the following inventory information. $\begin{array}{rll}\text { July } 1 & \text { Beginning Inventory } & 20 \text { units at } \$ 90 \\5 & \text { Purchases } & 120 \text { units at } \$ 92 \\14 & \text { Sale } & 90 \text { units } \\21 & \text { Purchases } & 60 \text { units at } \$ 95 \\30 & \text { Sale } & 58 \text { units }\end{array}$ Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis?

• A) $4,744
• B) $5,860
• C) $4,940
• D) $6,346

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Definitions:

Overconfidence

A cognitive bias where an individual's subjective confidence in their judgments is greater than their objective accuracy.

Cultural Diversity

The existence of a variety of cultural or ethnic groups within a society, embracing differences in values, traditions, beliefs, and lifestyles.

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Heuristics are mental shortcuts that simplify decision making.

Algorithms

Step-by-step procedures or formulas for solving problems, often used in mathematics and computer science.