Northwest Fur Co

question 93

Multiple Choice

Northwest Fur Co. started 2018 with $94,000 of merchandise inventory on hand. During 2018, $400,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. Northwest uses a perpetual inventory system.
-Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale?

• A) $492,500.
• B) $496,500.
• C) $490,500.
• D) $492,550.

Understand the concept of shaping through successive approximations to teach complex behaviors.

Distinguish between the concepts of extinction, stimulus generalization, and stimulus discrimination within operant conditioning.

Comprehend the applicability of operant conditioning principles across different species and settings.

Identify and apply the correct operant conditioning strategies to specific learning and behavioral scenarios.

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Definitions:

Generally Accepted Accounting Principles

A set of accounting standards, principles, and procedures that companies must follow when compiling their financial statements in the U.S.

Duty of Care

A legal obligation imposed on an individual requiring adherence to a standard of reasonable care while performing any acts that could foreseeably harm others.

Justifiable Reliance

Justifiable reliance is a legal concept where a party makes a decision based on another party's representation or promise, considering the decision reasonable under the circumstances.

Commits Fraud

The act of intentionally deceiving someone in order to gain an unauthorized benefit or harm another person.