The Units of an Item Available for Sale During the Year

question 144

Essay

The units of an item available for sale during the year were as follows: ​
There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work.

---

Definitions:

Cognitive Task

An activity designed to assess or engage mental processes such as memory, attention, problem-solving, and decision-making.

Sensorimotor

The developmental stage in infants and toddlers, as identified by Piaget, where they learn to manipulate and explore their environment using their senses and motor abilities.

Preoperational Thought

A stage in cognitive development, as described by Piaget, where children ages 2 to 7 engage in symbolic play and struggle with logic and taking the perspective of others.

Twin Studies

Research designs in psychology and genetics that compare the similarities and differences between monozygotic and dizygotic twins to understand the influence of genetics and environment.