A Firm That Sells a Single Product Had a Beginning

question 41

Multiple Choice

A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. Early in the year, 10,000 units were purchased at $9 each. Using FIFO, what is the value of the ending inventory of 3,000 units?

• A) $27,000
• B) $24,000
• C) $21,000
• D) $36,000 27000 = 3000 x 9.

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Definitions:

Vicarious Modelling

A process in psychological and behavioral theory where individuals learn new behaviors or skills by observing others, without direct personal experience.

Self-Efficacy

A person's confidence in their ability to carry out actions required to achieve particular outcomes.

Self-Efficacy Theory

The belief in one's own ability to succeed in specific situations or accomplish a task, playing a crucial role in determining how goals are set and achieved.

Confidence

A feeling of self-assurance arising from an appreciation of one's own abilities or qualities.