Best Hardware Uses a Periodic Inventory System

question 106

Multiple Choice

Best Hardware uses a periodic inventory system. Its inventory was $38,000 at the beginning of the year, and $40,000 at the end. During the year, Best made purchases of merchandise totaling $107,000. Identify all of the correct answers:

• A) To use this system, Best must take a complete physical inventory twice each year.
• B) Prior to making adjusting and closing entries at year-end, the balance in Best's Inventory account is $38,000.
• C) The cost of goods sold for the year is $109,000.
• D) As sales transactions occur, Best makes no entries to update its inventory records or record the cost of goods sold.

Recognize adaptations in predators and prey in relation to their interactions.

Analyze experimental designs in ecology to understand species interactions and their consequences.

Understand the concept of coevolution and examples where it can be observed.

Understand the concept of crypsis and its opposite, warning coloration, in the context of predator-prey interactions.

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Definitions:

Sight vocabulary

Sight vocabulary refers to the words a person can recognize immediately without needing to decode them.

Sensory memory

The shortest-term element of memory, allowing individuals to retain impressions of sensory information after the original stimuli have ended.

Associative memory

The ability of the brain to link new information with existing knowledge, facilitating recall and understanding.

Prospective memory

Remembering to perform a planned action or recall a planned intention at some future point in time.