Find the Determinant of the Matrix $\left[ \begin{array} { l l } \frac { 1 } { 3 } & \frac { 1 } { 4 } \\\frac { 3 } { 2 } & 1\end{array} \right]$

question 10

Essay

Find the determinant of the matrix $\left[ \begin{array} { l l } \frac { 1 } { 3 } & \frac { 1 } { 4 } \\\frac { 3 } { 2 } & 1\end{array} \right]$
, if it exists.

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Definitions:

Ending Inventory

The worth of items available for selling when an accounting period ends, determined by adding the starting inventory to purchases and then subtracting the cost of goods sold.

Lower Of Cost

An accounting principle that dictates that inventory and other assets should be reported at the lower of their historical purchase cost or current market value.

Market Method

A valuation method used to determine the fair value of assets and liabilities, based on their selling prices in active markets.

LIFO

Last-In, First-Out, an inventory valuation method where the most recently acquired items are recorded as sold first.