Exercise 5-5a periodic: inventory costing lo p3 required: the company uses a periodic inventory system. for specific identification, ending inventory consists of 200 units, where 180 are from the january 30 purchase, 5 are from the january 20 purchase, and 15 are from beginning inventory. determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) fifo, and (d) lifo.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answer utilities; more money you have to pay out ; )