The Following Units Are Available for Sale During the Year

question 77

Essay

The following units are available for sale during the year:
$\begin{array}{lll}10 \text { units at } \$ 18 \text { each } & \text { Beginning Inventory } & \text { January } 1 \\30 \text { units at } \$ 20 \text { each } & \text { Purchase } & \text { Apri1 } 3 \\28 \text { units at } \$ 25 \text { each } & \text { Purchase } & \text { August } 31 \\17 \text { units at } \$ 30 \text { each } & \text { Purchase } & \text { September } 29 \\21 \text { units } & \text { Ending Inventory } & \text { December } 31\end{array}$ Determine ending inventory cost by (a) FIFO method, (b) LIFO method, and (c) average cost method.

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Definitions:

Class B Instrument

A classification for instruments that have moderate precision and are used in various scientific and industrial measurements.

Standard Score Mean

A statistical measure that indicates how many standard deviations an observation or datum is from the mean of a distribution.

Analytic Intelligence

A type of intelligence which includes executive processes such as analyzing, comparing, and evaluating.

Creative Intelligence

A type of intelligence which involves creating, inventing, or designing new ways of solving problems when individuals are faced with an unfamiliar situation.