Calculate the Ending Inventory Under Each of the Following Methods

question 96

Essay

Calculate the ending inventory under each of the following methods given the information below about purchases and sales during the year.Assume a periodic inventory system.
$\begin{array} { l l l } \text { April } 1 \text { Beginning inventory } & 20 \text { units } \$ \$ 30 \\11 & \text { Purchases } & 70 \text { units } @\$ 32 \\21 & \text { Purchases } & 50 \text { units } @ \$ 35\end{array}$ Sales for April: 115 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

---

Definitions:

Vicarious Learning

The process of learning behaviors by observing the actions of others and the outcomes of those actions, without directly experiencing it oneself.

Social Cognitive

Refers to the use of cognitive processes in relation to understanding the social world, emphasizing the role of observational learning, imitation, and modeling.

Psychodynamic

A theoretical approach in psychology that emphasizes the systematic study of the psychological forces that underlie human behavior, feelings, and emotions and how they might relate to early experience.

Trait

A consistent, enduring way of thinking, feeling, or behaving.