Smart Phones Company Had the Following Balances and Transactions During

question 26

Multiple Choice

Smart Phones Company had the following balances and transactions during 2019. $$\begin{array} { | l | l | } \hline \text { Beginning Inventory } & \text { 20 units at \$73 } \\\hline \text { Tune } 10 & \text { Purchased } 40 \text { units at \$76 } \\\hline \text { December 30 } & \text { Sold 33 units } \\\hline \text { December 31 } & \text { Replacement cost \$78 } \\\hline\end{array}$$ The company maintains its records of inventory on a perpetual basis using the last-in,first-out inventory costing method.Calculate the amount of ending Merchandise Inventory at December 31,2019 using the lower-of-cost-or-market rule.(Round any intermediate calculations two decimal places,and your final answer to the nearest dollar.)

• A) $1,460
• B) $1,992
• C) $2,106
• D) $2,052

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Definitions:

Social Facilitation Theory

The theory that the presence of others enhances an individual's performance on simple or well-learned tasks but may impair performance on complex or new tasks.

Social Facilitation Theory

The concept that an individual's performance is enhanced when they are observed by others.

Task Performance

The degree to which an individual carries out the activities and responsibilities assigned to them, often measured in terms of efficiency, effectiveness, and quality.

Social Psychological

Pertaining to the scientific study of how individuals think, feel, and behave in social contexts.