Samson Company Had the Following Balances and Transactions During 2012

question 3

Multiple Choice

Samson Company had the following balances and transactions during 2012. $$\begin{array} { | l | l | } \hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \\\hline \text { March } 10 & \text { Sold } 8 \text { units } \\\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \\\hline \text { October 30 } & \text { Sold } 15 \text { units } \\\hline\end{array}$$ What would the company's Inventory amount be on the December 31,2012 balance sheet if the periodic average-costing method is used? (Answers are rounded to the nearest dollar.)

• A) $540
• B) $554
• C) $490
• D) $537

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Definitions:

Milgram

Refers to a series of social psychology experiments conducted by Stanley Milgram, demonstrating the willingness of participants to obey an authority figure's instructions to perform acts conflicting with their personal conscience.

Obedience to Authority

A form of social influence where an individual complies with orders from an authority figure.

Subjects

Individuals or entities being studied or observed in a research project or experiment.

Milgram's Experiment

Stanley Milgram's social psychology experiments assessed how likely individuals were to follow orders from an authoritative figure, even when these orders went against their own moral beliefs.