The Following Lots of Commodity Z Were Available for Sale

question 2

Multiple Choice

The following lots of Commodity Z were available for sale during the year. Use this information to answer the questions that follow.
$$\begin{array} { l l } \text { Beginning inventory } & 10 \text { units at } \$ 30 \\\text { First purchase } & 25 \text { units at } \$ 32 \\\text { Second purchase } & 30 \text { units at } \$ 34 \\\text { Third purchase } & 10 \text { units at } \$ 35\end{array}$$ ​
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-The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the FIFO method?

• A) $655
• B) $620
• C) $690
• D) $659

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Definitions:

Modeling

The process by which individuals learn by observing the behaviors of others and the outcomes of those behaviors.

Classical Conditioning

A learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus.

Exposure and Response Prevention

A behavioral therapy technique for treating anxiety disorders that involves exposing the patient to anxiety-inducing stimuli while preventing their habitual response to the anxiety.

Benzodiazepines

A class of psychoactive drugs used primarily for treating anxiety, insomnia, and seizures by enhancing the effect of the neurotransmitter GABA in the brain.