Bailey Company Uses a Periodic Inventory System and Its Inventory

question 106

Multiple Choice

Bailey Company uses a periodic inventory system and its inventory records contain the following information:

The company sold 1,000 units during June.There were no additional purchases or sales during the remainder of the year.The company had 500 units were in its ending inventory at the end of the year.
-Use the information above to answer the following question.If Bailey Company uses the FIFO costing method,what is the cost of its ending inventory?

• A) $1,494
• B) $2,290
• C) $2,580
• D) $2,706

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Definitions:

Carl Rogers

An influential American psychologist who founded the humanistic approach to psychology, emphasizing the importance of the self and the individual's potential for self-growth.

Transference

A phenomenon in psychotherapy wherein the feelings, desires, and expectations of the patient towards significant people in their life are redirected or applied to the therapist.

Countertransference

involves the redirection of a therapist's feelings and attitudes from their own personal background towards a client.

Reactance

A motivational reaction to offers, persons, rules, or regulations that threaten or eliminate specific behavioral freedoms.