Duncan Industries' Inventory of Coats (Model XL) During 2013 Is

question 10

Essay

Duncan Industries' inventory of coats (Model XL) during 2013 is given below. $$\begin{array} { | l | c | c | } \hline & \text { \# Units } & \text { Unit Cost } \\\hline \text { Beginning Inventory, January 1, 2013 } & 42 & 75 \\\hline \text { Purchases: } & & \\\hline \text { January 18 } & 20 & 78 \\\hline \text { January 31 } & 25 & 80 \\\hline \text { February 20 } & 30 & 75 \\\hline \text { March 1 } & 10 & 70 \\\hline \text { Ending Inventory, December 31, 2013 } & 4 & \\\hline\end{array}$$ What is the cost of the ending inventory and the cost of goods sold?
1. Assume Duncan Industries utilizes the FIFO method
2. Assume Duncan Industries utilizes the LIFO method
3. Assume Duncan Industries utilizes the average cost method

Recognize examples of behavior modification techniques in real-life scenarios.

Explain the key concepts of operant conditioning, including extinction and discrimination training.

Describe learned helplessness and its implications on behavior.

Understand the process of shaping behavior through successive approximations.

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Definitions:

Journal Entry

A record in accounting that notes the details of a financial transaction, showing which accounts are affected and by what amounts.

Ledger

A book or database in which financial transactions are recorded systematically.

Source Documents

Original records that provide evidence that a transaction has occurred, such as receipts, invoices, checks, or bank statements.

Unearned Revenue

Money received by a business for goods or services yet to be provided; it is recorded as a liability until the goods or services are delivered.