Use the Following Information to Calculate Ending Inventory on (A)a

question 140

Essay

Use the following information to calculate ending inventory on (a)a LIFO basis,(b)a FIFO basis,and (c)an average-cost basis.Assume a perpetual inventory system.
Round answers to nearest dollar.
$\begin{array}{llll}\text { Dec. } & 1 & \text { Beginning inventory } & 70 \text { units @ } @ 14 \\& 9 & \text { Purchases } & 30 \text { units } @ \$ 16\\&17 & \text { Sales } & 25 \text { units } \\&22 & \text { Purchases } & 15 \text { units @\$18 } \\&27 & \text { Sales } & 40 \text { units } \end{array}$

Comprehend how prosocial and antisocial behaviors can be learned through observation.

Understand the biological basis of observational learning through the study of mirror neurons.

Appreciate the impact of media violence on behavior and distinguish research findings on this topic.

Grasp the importance of models in the process of learning and the characteristics that make models effective.

---

Definitions:

Status Quo Bias

The preference to keep things the way they are rather than change.

Dispute

A disagreement, argument, or debate, often between people or groups with opposing viewpoints.

Participant

A person who takes part in something, such as an experiment or study.

Neighbor

Someone living in close proximity to another or a member of the same community or area.