Vinnie Has a Small Retail Store and Sells One Product

question 56

Essay

Vinnie has a small retail store and sells one product.His beginning inventory consisted of 1,000 products at $4 each for a total of $4,000.During the year, Vinnie made the following purchases of the product:March 1 5,000 products at $5 each = $25,000August 1 1,000 products at $6 each = $6,000​Vinnie uses the LIFO method of inventory valuation and he sells 5,000 products during the current year.
a.Calculate the total cost of goods available for sale.
b.Calculate the cost of the ending inventory.
c.Calculate the cost of goods sold.

---

Definitions:

Biphobia

Prejudice, fear, or hatred towards bisexuality and bisexual people, manifesting in discrimination, stereotyping, and exclusion.

Heteronormativity

The belief or assumption that heterosexual relationships are the normal or preferred mode of sexual orientation, often marginalizing other orientations.

Rape Culture

Systemic attitudes reflected in victim blaming that minimize, ignore, and normalize sexual violence against women.

Victim Blaming

Suggesting that women invite sexual violence or deserve to be sexually assaulted because they dress or behave in ways that are considered to be sexually suggestive or inviting.