Twenty Units of Inventory on Hand at the End of the Year

question 133

Multiple Choice

Twenty units of inventory on hand at the end of the year are recorded at their cost of $5.00 per unit using FIFO.Current replacement cost is $4.50 per unit.What amount would be reported as inventory on the balance sheet?

• A) $100.00
• B) $5.00
• C) $4.50
• D) $90.00

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Definitions:

Scientific Psychology

The branch of psychology that uses scientific methods to study and understand human behavior and cognitive processes.

Freud

Psychoanalysis, a method devised by Austrian neurologist Sigmund Freud, focuses on treating psychopathology through conversational therapy between patients and psychoanalysts.

Wundt

Refers to Wilhelm Wundt, often considered the father of modern psychology, who established the first psychology laboratory.

Observable Behavior

Actions or reactions of an individual that can be directly observed and measured, excluding internal processes like thinking.