Hopkins Company Reported the Following Information Related to Inventory and Sales

question 20

Short Answer

Hopkins Company reported the following information related to inventory and sales:
$$\begin{array} { l r r } & \text { Units } & \text { Unit Cost } \\\text { Beginning inventory } & 6,000 & \$ 30,000 \\\text { Purchase No.1 } & 32,000 & 192,000 \\\text {Purchase No.2 } & 28,000 & 280,000\end{array}$$ Sales-8,000 units at $35 per unit.
Compute the following amounts assuming a periodic inventory system: $\begin{array}{lcccccl}\text { Inventory Costing } & & \text { Cost of Goods } & \text { Gross } & \text { Balance Sheet } \\\text { Method } & \text { Revenue } & \text { Sold } & \text { Margin } & \text { Inventory }\\\text { FIFO }\\\text { LIFO}\\\end{array}$

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Definitions:

Test-retest Reliability

Test-retest reliability is a measure of the consistency of a psychological test or assessment when administered to the same individuals at two different points in time.

Alternate Forms Reliability

A measure of reliability that assesses the consistency of the results of two tests that are constructed in the same way from the same content domain.

Pearson Product-movement

A statistical technique, commonly referred to as Pearson's correlation coefficient, measuring the linear correlation between two sets of data.

Correlation Coefficient

A numerical measure that indicates the strength and direction of a linear relationship between two continuous variables.