On may 1, beggining inventory consista of 10 items at a cost $10 each.
On May 3, 10 items are purchased at $12 each.
On may 8,12 items are sold.
On may 15, 10 items are purchased at $14 each.
Required:
1. Will Cost of goods sold be higher using a FIFO periodic inventory system or FIFO perpetial inventory system?

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The answer is block grants

Part (a) is relatively straight forward.there are 4 aces in a standard 52-card deck. so the probability that an ace is picked is just 4/52.part (b): note that there are 4 suits in a standard 52-card deck. so picking hearts will be 13/52 or 1/4.part (c): the probability condition or means we need to add the two probabilities because we do not want them simultaneously. so, we end up getting pr(ace) + pr(heart).from part (a), we found that picking an ace had a probability of 4/52, which is reduced down to 1/13.from part (b), we found that picking a heart had a probability of 1/4.so, the probability of an ace or a heart is 1/13 + 1/4 = 4/52 + 13/52 = 17/52.