A Corporation's Records Reflected the Following with Respect to One

question 50

Essay

A corporation's records reflected the following with respect to one of the items that it regularly sells: $\begin{array} { | l | l | l | l | } \hline & & \text { Units Cost } & \text { Total } \\\hline \text { July 1 } & \text { Beginning inventory } & 400 & \$ 12,000 \\\hline \text { July 10 } & \text { Purchases } & 800 & 26,400 \\\hline \text { July 15 } & \text { Sales (at } \$ 50 \text { each) } & 600 & \\\hline \text { July 20 } & \text { Purchases } & 400 & 14,000 \\\hline \text { July 31 } & \text { Sales (at } \$ 60 \text { each) } & 400 & \\\hline\end{array}$
Complete the following schedule, assuming a periodic inventory system is used: $\begin{array} { | l | l | l | } \hline & \text { FIFO } & \text { Weighted Average } \\\hline \text { Balance Sheet As of July 31 } & & \\\hline \text { End. Inv. } & & \\\hline \text { Income Statement } & & \\\hline \text { Sales } & & \\\hline \text { Cost of Goods Sold } & & \\\hline \text { Gross Margin } & & \\\hline\end{array}$

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Definitions:

Flooding

A behavioral therapy technique used for treating phobias and anxiety disorders by exposing the patient to their anxiety source without any danger, in order to overcome their anxiety.

Exposed

Made visible or uncovered, potentially leading to harm, risk, or understanding.

Fear

An emotional response to a perceived threat, characterized by anxiety and a survival mechanism that signals danger and prepares an individual to react.

Flooding Session

A therapeutic technique used to treat phobias and anxiety disorders by exposing the patient to their fear object or context without any danger, in order to overcome the anxiety.