In the following information from the 2014 annual reports of Technic Industries all figures have been rounded to millions of dollars.
REQUIRED:
(1)Describe what costs are included in each of the three types of inventories listed above for Technic Industries.
(2)Even though the footnote describing the inventory costing method(s)used by Technic Industries is not provided above,what can you conclude about the inventory costing method(s)used by the company?
Definitions:
Overregularization
A language acquisition error where children apply general grammatical rules too widely, leading to incorrect language uses, such as "goed" for "went."
Intelligence
A general mental capability that involves the ability to reason, plan, solve problems, think abstractly, comprehend complex ideas, learn quickly, and learn from experience.
Semanticity
The quality of language that allows it to convey meaning through the use of symbols with agreed-upon interpretations.
Instinct
An innate, typically fixed pattern of behavior in animals that is responsive to specific stimuli and critical for survival.
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