Provide an Appropriate Response

question 5

Essay

Provide an appropriate response.
-Find the 300th term and the sum of the first 300 terms for the arithmetic sequence 8, 11, 14, . . .

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Definitions:

Specific Identification

Specific Identification is an inventory valuation method that tracks the actual cost of each specific item in inventory.

LIFO

LIFO, or Last-In, First-Out, is an inventory accounting method where the most recently produced or acquired items are the first to be used or sold.

FIFO

"First In, First Out," an inventory valuation method where goods first added to inventory are the first ones sold.

Common Cost

An expense that benefits multiple cost objects and cannot be directly traced to any single product or process.