The inventory records of ZUP indicate the following regarding its best-selling product for the month of January:
Required:
Calculate the dollar amount of ending inventory and cost of goods sold under each of the following cost flow assumptions:
a. Weighted-average cost, periodic inventory.
b. First-in, first-out (FIFO), perpetual inventory.
c. Weighted-average cost, perpetual inventory.
Definitions:
Mere Exposure Effect
A psychological phenomenon whereby people tend to develop a preference for things simply because they are familiar with them.
Familiarity Breeds
A phrase suggesting that extensive knowledge of or exposure to something may lead to a loss of appreciation or interest.
Opposites Attract
A popular concept suggesting that individuals with differing personalities, interests, or physical attributes are often attracted to each other.
Average Price
The mean cost of a group of goods or services, calculated by dividing the total cost by the number of units.
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