Lyle Arrives at Charles De Gaulle Airport in Paris for a Study

question 28

Multiple Choice

Lyle arrives at Charles De Gaulle airport in Paris for a study abroad semester. The customs agent is rude and grills him about the contents of his luggage. Then, Lyle takes a taxi to his hotel. The driver is ill-mannered and cusses frequently in French. When Lyle exits the cab, he texts his friend, Darla, "Parisians are impolite and vulgar." Lyle has used:

• A) A hasty generalization
• B) A faulty analogy
• C) Faulty cause-effect reasoning
• D) A post-hoc fallacy
• E) A faulty correlation

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Definitions:

Ending Inventory Costs

The total value of all the goods that a company has in stock at the end of an accounting period, before any adjustments or cost of goods sold calculations.

LIFO Periodic Inventory Method

An inventory valuation method where the last items purchased are the first items considered sold during a given period, calculated periodically.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated before any adjustments for cost of sales.

Perpetual Inventory System

A bookkeeping approach that instantly logs the sale or acquisition of stock using computerized point-of-sale systems and enterprise asset management programs.