A Small Toy Store Uses the Retail Method FIFO, LCM

question 95

Essay

A small toy store uses the retail method FIFO, LCM to value its inventory. The following information is available for 2005: $\begin{array} { | l | l | l | } \hline & \text { Cost } & \text { Retail } \\\hline \text { Purchases } & \$ 82,500 & \$ 125,000 \\\hline \text { Net Sales } & & 120,000 \\\hline \text { Merchandise Inventory, January 1, 2005 } & \$ 5,500 & 20,000 \\\hline \text { Net Additional Mark-ups } & & 11,742 \\\hline \text { Freight-in } & \$ 5,000 & 4,200 \\\hline \text { Purchase returns } & 3,000 & 2,542 \\\hline\end{array}$
Net Markdowns
Required:
Determine the December 31, 2005 inventory cost under the retail method-FIFO basis.

Understand the concept of social comparison and its impact on individual behavior and self-assessment.

Recognize the importance of intrinsic motivation and the role of the classroom environment in fostering student engagement.

Identify the social psychological explanations for cyberbullying and recognize its impacts.

Understand the benefits of peer-assisted learning and tutoring on academic and social achievement.

---

Definitions:

Psychological Topics

encompass a wide range of subjects related to human behavior, mental processes, and emotional experiences.

Approach

A method or way of dealing with a problem or task, or the act of moving towards something.

Cognitive Approach

A psychological perspective that focuses on how people perceive, think about, and understand their worlds, emphasizing mental processes like memory, perception, and problem-solving.