Salmone Company Reported the Following Purchases and Sales of Its

question 19

Multiple Choice

Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. $\begin{array}{|r|l|c|c|}\hline\text { Date } & \text { Activities } & \text { Units Acquired at Cost } & \text { Units Sold at Retail } \\\hline \text { May 1 } & \text { Beginning Inventory } & 150 \text { units @ } \$ 10.00 & \\\hline 5 & \text { Purchase } & 220 \text { units @ } \$ 12.00 & \\\hline 10 & \text { Sales } & & 140 \text { units @ } \$ 20.00 \\\hline 15 & \text { Purchase } & 100 \text { units@ } \$ 13.00 & \\\hline 24 & \text { Sales } && 90 \text { units@ } \$ 21.00\\\hline \end{array}$

• A) $2,860
• B) $2,590
• C) $2,850
• D) $2,460
• E) $2,980

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Definitions:

Imitation

The action of using someone or something as a model and attempting to replicate their behavior, actions, or characteristics.

Observational Learning

Learning that occurs by watching the actions and outcomes of others' behaviors, without direct experience.

Imitate

The action of copying or mimicking the behaviors, actions, or characteristics of another individual or model.

Vicarious Punishment

Vicarious punishment occurs when an individual observes another being punished and then changes their own behavior to avoid experiencing the same consequences.