The correct answer is Option A.
FIFO reports higher gross profit and net income than the LIFO method when prices are increasing.
What is Gross Profit?Gross profit is the amount of money a business makes after deducting costs for producing, distributing, and selling its goods or services. A company's income statement will show gross profit, which is derived by deducting cost of goods sold (COGS) from revenue (sales). The income statement of a business will contain these numbers. Sales profit or gross income are other names for gross profit. Gross profit measures how well a business uses its work force and resources to produce goods and services. The main focus of the metric is on variable costs, or expenses that change depending on the volume of output.The FIFO technique refers to an inventory system where the most recent purchases make up the ending inventory and the first products acquired are assumed to be sold first (i.e., First In First Out).
The LIFO approach, on the other hand, is the exact opposite. The first item purchased makes up the ending inventory, and the most recent purchases are sold first (last item that is in is sold first).
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The company's shipments of newly-produced branded and private-label footwear from its facilities to its regional distribution centers are subject to
The company's shipments of newly-produced branded and private-label footwear from its facilities to its regional distribution centers are subject to any applicable import tariffs and exchange rate adjustments.
TariffsTariffs are a form of tax that a business imposes on any imported goods at a border that the government uses to make money.Import dutiesThese are levied by the customs department upon the entry of goods into a nation. It is also known as an import tax, import duty, or customs duty.Change in value or Exchange rateA country's currency is valued according to its exchange rate. For the purposes of currency conversion, it is the worth of one currency.As a result, import duties and rate modifications may apply to the company's distribution of freshly made footwear from its production facilities to its regional distributors.
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In Year 8, Emil Gow won $5,000 in a state lottery. Also in Year 8, Emil spent $400 for the purchase of lottery tickets. Emil elected the standard deduction on his Year 8 income tax return. The amount of lottery winnings that should be included in Emil's Year 8 taxable income is
The amount of lottery winnings that should be included in Emil's Year 8 taxable income is: $5,000.
What is taxable income?Taxable income can be defined as the income that are reduce by tax or other deduction.
Since we were told that the amount of $5,000 was won in the state lottery, which means that the amount of lottery winnings that should be included in Year 8 taxable income is will be the total or the whole amount of the gambling winnings which is $5,000.
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Many companies in the sharing economy have successfully taken their business to foreign markets as well. What challenges do you see for these companies as they expand into foreign markets?
Some challenges for these companies as they expand into foreign markets are foreign policy, cultural differences and language barriers.
What is an effective internationalization strategy like?It is one in which organizations develop a plan in line with their needs and the market to which they want to expand their business. For this, it is important to adapt products, services and communication to the local culture, to be a brand accepted by consumers and well positioned in the market.
Therefore, the international expansion of an organization can be positive and profitable when there is a strategy aligned with the needs of the local market.
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The challenges that is seen for these companies as they is Policy from the foreign countries.
What are foreign policies?They are guidelines made by countries where goods and services are imported from or where business transactions.
The policies may not be in favor on the trader coming from another country this include higher tax and duties been paid.
Therefore, The challenges that is seen for these companies as they is Policy from the foreign countries.
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Which business buying decision factor would include political forces, economic factors, and technological changes
The business buying decision factor that would include political forces, economic factors, and technological changes is: Environmental factors .
What is buying decision?Buying decision can be defined as the process in which a buyer put into consideration some factors before deciding to buy a product
Environmental factors consist of the following:
Competitive factorsEconomic factorsPolitical forcesLegal and regulatory forcesTechnological changes Sociocultural issuesTherefore the business buying decision factor that would include political forces, economic factors, and technological changes is: Environmental factors .
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Which marketing era refers to the time period from our country's first settlers through the early 1900s?
Production era; refers to the time period from our country's first settlers through the early 1900s. (1860-1930) Due to the scarcity of products, consumers made do with whatever was produced.
More about the Production era:
The Industrial Revolution marked the start of the production era. Products were mass-produced and affordably priced. Businesses often only made one product at a time. Businesses also had the attitude that "if created, someone would buy" at this time, which increased profitability. Businesses could sell everything they made given the prevailing market.
The period from the end of the American Civil War and the 1920s, when reducing production costs was the top priority for many businesses. The emphasis on customers, service, and profit defined the marketing concept era.
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The government hires 2000 workers for new infrastructure projects. Over half of the newly hired construction workers were employed in other sectors of the economy and quit their jobs to take this better paying opportunity.
What types of fiscal polices are described?
This is an example of crowding out and expansionary fiscal policy. From a fiscal policy standpoint, the government implements expansionary policies by giving citizens more money through budgeting instruments. Budget deficits result from higher spending and lower taxation, which means that more money is going into the economy than is being taken out.
Tax reductions, transfer payments, refunds, and greater public investment on initiatives like infrastructure upgrades are all examples of expansionary fiscal policy. For instance, it might boost discretionary government expenditure, injecting additional cash into the economy via government contracts. Economic downturns and recessions are expected to be avoided through expansionary policies.
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When purchase costs of inventory regularly decline, which method of inventory costing will yield the lowest gross profit and income
LIFO method of inventory costing will yield the lowest gross profit and income.
The last in, first out (LIFO) approach for inventory accounting is utilized.
According to LIFO, expenses are deducted starting with the expenditures of the most recent goods that were bought (or produced).
Only in the United States is LIFO practiced, and it is governed by generally accepted accounting rules (GAAP).
The average cost approach and first in, first out (FIFO) are other techniques for accounting for inventories.
When prices are rising, using LIFO often reduces net revenue but offers tax benefits.
Hence, When purchase costs of inventory regularly decline, the LIFO method of inventory costing will yield the lowest gross profit and income.
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A property is sold for $899,999. The buyer has paid $17,000 as earnest money and is obtaining a 65% loan. Based on the information provided, how much additional cash will the buyer have to bring to the closing day?
Based on the amount that the property has sold for and the loan amount, the additional cash the buyer will bring is $297,999.65.
How much should the buyer bring?The amount the buy should bring as additional cash is:
= 899,999 - (899,999 x 65%) - 17,000
= 899,999 - 584,999.35 - 17,000
= $297,999.65
In conclusion, the buyer should bring $297,999.65.
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The additional cash the buyer will bring on closing day is $297,999.65
What is earnest money?
Earnest money is the initial cash payment made by the buyer of a property pending when the final payment would be requested on the closing day.
In this case, the total amount payable by the buyer comprises of the earnest money , 65% of the property price borrowed and finally the additional cash required on closing day.
property price=earnest money+(65%*property price)+additional cash
property price=$899,999
earnest money=$17,000
65%*property price=65%* $899,999
65%*property price=$584,999.35
additional cash=unknown=X
$899,999=$17,000+$584,999.35+X
X=$899,999-$17,000-$584,999.35
X=additional cash= $297,999.65
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Since the most direct channel is from the manufacturer straight to the consumer, why is it not always the best for a business to take this approach every time?
Why it is not always the best for a business to take this approach every time is: because intermediaries create value for the consumers/buyers.
What is direct channel?Direct channel can be defined as the channel that enables consumers to buy goods or product directly from a producer.
Hence, since intermediaries which help to render intermediation services between the consumer and manufacturer can create value for the consumers/buyers which means that it is not always the best for a business to take this approach every time.
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What are the key challenges facing total with respect to financial communication?
The key challenges facing total with respect to financial communication are
Cultural differences.Attitude.Lack of motivation.Listening skills.Written communication quality.Appropriate communication tools.Communication is "an apparent answer to the painful divisions between self and other, private and public, and inner thought and outer world." As this definition indicates, communication is difficult to define in a consistent manner, because in common use it refers to a very wide range of different behaviors involved in the propagation of information. John Peters argues the difficulty of defining communication emerges from the fact that communication is both a universal phenomenon and a specific discipline of institutional academic study.
One definitional strategy involves limiting what can be included in the category of communication By this logic, one possible definition of communication is the act of developing meaning among entities or groups through the use of sufficiently mutually understood signs, symbols, and semiotic conventions.
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Which printmaking method operates with the understanding that oil and water do not mix?
A printing method that takes advantage of the fact that water and grease don't mix. The image is transferred using a greasy media, such as a particular greasy ink called tusche, crayon, pencils, lacquer, or synthetic materials, to a grainy surface (traditionally stone but more typically aluminium).
The inked image is transferred (or "offset") from a plate to a rubber blanket and then to the printing surface in offset printing, a typical printing technique. The offset method makes use of a flat image carrier when combined with the lithographic process, which is based on the attraction of oil and water.
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________________ is the next best alternative that had to be sacrificed (given up) to pursue a certain undertaking.
Opportunity cost is the next best alternative that had to be sacrificed (given up) to pursue a certain undertaking.
The loss of value or benefit that would result from engaging in a certain activity option in comparison to engaging in an alternative activity that offers a higher return in value or benefit is known as the opportunity cost.
Opportunity cost is the profit that is forfeited when one option is chosen over another. The idea serves merely as a reminder to weigh all viable options before making a choice. For instance, you decide to invest $1,000,000 in a line of goods that will yield a 5% return.
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A project budget report is showing our project as spending $35,000 against a budgeted amount of $40,000. Which of the following is true
From the above information, it is true that the company is running a budget deficit.
What is budgeting?Budgeting is the process of planning for an allocating resources efficiently and effectively.
A budget deficit is when the expended amount is above the budgeted figure.
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Franklin roosevelt required all department communications to congress that could affect future budgets be cleared through the bureau of the budget, the predecessor to?
Franklin Roosevelt required all department communications to congress that could affect future budgets be cleared through the bureau of the budget, the predecessor to the office of management and budget.
Franklin Roosevelt was elected as a President in November 1932. Before he entered public service through politics, but as a Democrat.
The policy enacted by Franklin Roosevelt was a New Deal policy, which included new constraints and safeguards on the banking industry and efforts to re-inflate the economy after the fall in prices.
The Congress passed certain laws which were included in the New Deal programs. Thus, through the bureau of the budget Roosevelt required all department of communications to congress be cleared.
Hence, the answer was given and explained above.
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When the price of tennis rackets increases, what happens in the market for tennis balls?
When the price of tennis rackets increases then A decrease in the price of tennis balls will result in an increase in the demand for tennis rackets. An increase in the price of one good can cause the demand for another good to increase if the two goods are complements.
A market is a gathering place for buyers and sellers to facilitate the exchange and transaction of goods and services. The market can be physical, like a retail store, or virtual, like an e-merchant. Other examples are illegal markets, auction markets, and financial markets.
Market structure refers to how different industries are categorized and differentiated based on the degree and type of competition for services and commodities. The four common types of market structure include perfect competition, oligopolistic market, monopoly market, and monopoly competition.
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nvestment from abroad Select one: a. is a way for poor countries to learn the state-of-the-art technologies developed and used in richer countries. b. is viewed by economists as a way to increase growth. c. often requires removing restrictions that governments have imposed on foreign ownership of domestic capital. d. All of the above are correct.
The correct option is (d); All of the above are correct.
What is meant by investment from abroad?A foreign direct investment (FDI) occurs when a business or investor from outside the country buys a stake in the company.
The phrase typically refers to a commercial decision to buy a sizable portion of a foreign company or to buy it altogether in order to expand its operations to a new area.
Role of the foreign investment for a country are-
FDI enables the transfer of technology that is not possible through financial investments or trade in products and services, notably in the form of new types of capital inputs. The domestic input market can become more competitive with FDI as well.In contrast to heavily regulated economies, open economies provide a qualified workforce and high growth prospects for investors.There is a long-term commitment involved because there are no short-term capital gains goals.FDI increases the manufacturing and service sectors, which leads to job growth and lower unemployment rates in the nation. Increased employment increases earnings and gives the populace greater purchasing power, which strengthens a nation's overall economy.To know more about the primary purpose of foreign direct investment, here
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I understand the question you are looking for-
Investment from abroad Select one: a. is a way for poor countries to learn the state-of-the-art technologies developed and used in richer countries. b. is viewed by economists as a way to increase growth. c. often requires removing restrictions that governments have imposed on foreign ownership of domestic capital. d. All of the above are correct.
Under a system of floating exchange rates, changes in the value of the U.S. dollar relative to other currencies are the result of
Under a system of freely floating exchange rates, an increase in the international value of a nation's currency will cause its imports to rise.
What are floating exchange rates?A floating exchange rate (also known as a fluctuating or flexible exchange rate) is a type of exchange rate regime in which the value of a currency is permitted to fluctuate in reaction to foreign exchange market occurrences. A floating currency is one that uses a floating exchange rate, as opposed to a fixed currency, the value of which is determined in terms of material items, another currency, or a group of currencies (the idea of the last being to reduce currency fluctuations).When the international value of a country's currency rises, so do its imports, and vice versa.As it is given in the description itself, when the international value of a country's currency rises, so do its imports, and vice versa.
Therefore, Under a system of freely floating exchange rates, an increase in the international value of a nation's currency will cause its imports to rise.
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The question you are looking for is here:
Under a system of freely floating exchange rates, an increase in the international value of a nation's currency will ____.
A member of the Scrum Team does not want to participate in the Sprint Planning event and considers it a waste of time. What should the Scrum Master do first?
You'll need to work with him one-on-one to assist him to internalize the scrum ideas and concepts. Focus on the areas in your sprint planning where he can make a difference; emphasize how the team needs and appreciates his help. " This is further explained below.
What is sprint planning?Generally, Scrum's sprint planning is the first step of a new sprint. Sprint planning is concerned with determining what can be accomplished in a sprint and how it can be done.
In conclusion, You'll need to work with him one-on-one to help him internalize the scrum culture's core values and concepts as he learns them. Focus on the areas in your sprint planning where he can make a difference; emphasize how the team needs and appreciates his help.
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A publisher reports that 55% of their readers own a particular make of car. a marketing executive wants to test the claim that the percentage is actually different from the reported percentage. a random sample of 200 found that 46% of the readers owned a particular make of car. is there sufficient evidence at the 0.02 level to support the executive's claim?
Based on the percentage of readers who own a particular make of the car and the random sample, we can infer that there is sufficient evidence at a 0.02 level to support the executive claim.
What is the evidence to support the executive's claim?The hypothesis is:
Null hypothesis : P = 0.55
Alternate hypothesis : P ≠ 0.55
We then need to find the test statistic:
= (Probability found by marketing executive - Probability from publisher) / √( (Probability from publisher x (1 - Probability from publisher))/ number of people sampled
= (0.46 - 0.55) / √(( 0.55 x ( 1 - 0.55)) / 200
= -2.56
Using this z value as the test statistic, perform a two-tailed test to show:
= P( Z < -2.56) + P(Z > 2.56)
= 0.0052 + 0.0052
= 0.0104
The p-value is 0.0104 which is less than the significance level of 0.02. This means that we reject the null hypothesis.
The Marketing executive was correct.
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What type of event is an agent conducting when they present plan information that includes benefits and cost sharing in an audience-presenter format
A marketing/sales event is the type of event conducted by an agent when they present plan information that includes benefits and cost sharing in an audience-presenter format.
What is a marketing/sales event?This event is a kind of promotional event that involves planning, organizing and executing for the purpose of promoting a brand, product, or service.
The marketing or sales event is one that can take place in-person or online, and the companies can either host an event, attend as an exhibitor, or participate as a sponsor.
Hence, these event are the type of event conducted by an agent when they present plan information that includes benefits and cost sharing in an audience-presenter format.
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Some examples of opportunity costs that should be included in project analysis are?
Some examples of opportunity costs that should be included in project analysis are that, skilled employees who are moved from an existing project to the new project causing a loss in the existing project.
Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. Opportunity cost is a great tool for project selection in many organizations.
The opportunity cost is the difference between the net value of the path that was chosen and the net value of the best alternative that was not chosen.
There is an example of opportunity cost which should be included in the project analysis. The situation where skilled employees are moved from an existing project to the new project causing a loss in the existing project, should be analyzed.
Hence, the answer was given and explained above.
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Nicolas signed an installment agreement to borrow $1,000 for 3 years to be paid back monthly. The cost of the loan is $195.56. What is the APR
Annual percentage rate or APR is a credit card's interest rate is the price you pay for borrowing money. For credit cards, the interest rates are typically stated as a yearly rate. This is called the annual percentage rate (APR).
Now, According to the Question,
We are Given :-
Amount Financed = $1,000Time = 3 Years, paid back monthlyCost of Loan = $195.56CALCULATION
Finance Charge / Amount Financed =
$195.56 / $1,000 = 19.56
Table factor of 19.56 at 36 periods = 12% APR
Therefore the APR for the borrowed money is 12%
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A sales contract explicitly excludes some rose bushes from the sale. This provision is necessary because the rose bushes are ordinarily considered to be
A sales contract explicitly excludes some rose bushes from the sale. This provision is necessary because the rose bushes are ordinarily considered to be real state.
Plants and trees that grow on the ground are considered equipment included in the sale of real estate because they are connected to the ground by roots. However, the seller had the right to remove these rose bushes. The rose bush was quite large, but it was still in a large pot.
Real estate consists of land and everything that is permanently attached to the land. As with legal rights to land. Land ownership includes not only the surface of the earth but also the area from the surface to the center of the earth and the area from the surface to infinity.
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Credit unions are considered not-for-profit entities and therefore generally offer higher rates on savings accounts and lower rates on loans than most commercial banks do.
a. True
b. False
Credit unions are considered not-for-profit entities and therefore generally offer higher rates on savings accounts and lower rates on loans than most commercial banks do.
This statement is true.
A credit union is that financial cooperative which provides different traditional banking services. These services ranges in size from small, volunteer-only operations to large entities with thousands of participants allover the country.
Credit unions can be formed by large corporations, organizations, or any other entities for their employees as well as members.
Credit unions are owned, and operated by their participants only. Because they are not-for-profit enterprises credit unions enjoy tax-exempt status.
Credit unions always follow a basic business model in which members pool their money. In other words they buy shares in the cooperative.
Any income generated by the credit union is used to fund different projects and services that will benefit the community and the interests of its members.
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The purpose of a responsibility accounting system is to provide information to: (Check all that apply.)
The purpose of a responsibility accounting system is to provide information to:
Evaluate a manager's performanceAssign cost and expenses to the manager's responsible for controlling themResponsible accounting is a type of management accounting that is responsible for the overall management, budgeting, and internal accounting of a company. The main goal of this accounting system is to support all planning, calculation, and responsibility centers of the company.
Therefore, accountability is based on the basic principle that managers are only responsible for the actions they control. Responsible accounting follows the basic principles of cost management systems such as budget control and standard costing.
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The currency drain ratio for m1 is ______ than for m2, and the banks' reserve ratio for m1 is ______ than for m2.
'The currency drain ratio for m1 is lesser than for m2, and the banks' reserve ratio for m1 is greater than for m2. Read below about currency drain ratio.
What is currency drain ratio?Currency drain ratio is the percentage of banknotes that households keep in form of cash rather than depositing in a bank. It is the amount of cash a person holds and the amount of money she maintains in readily accessible bank accounts, such as checking accounts.
Therefore, the correct answer is as given above.
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Food and energy prices often complicate the measurement of inflation because supply and demand for these products ______.
Food and energy prices often complicate the measurement of inflation because supply and demand for these products (A) often change, creating temporary changes in prices.
What are supply and demand?In microeconomics, supply and demand is an economic model of market price determination. It assumes that all else being equal, in a competitive market, the unit price for a specific good or other traded item, such as labor or liquid financial assets, will fluctuate until it settles at a point where the quantity demanded (at the current price) equals the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted. It is the theoretical foundation of modern economics.The aggregate demand-aggregate supply model has also been used in macroeconomics to describe how the quantity of total output and the aggregate price level can be set in equilibrium.Therefore, food and energy prices often complicate the measurement of inflation because supply and demand for these products (A) often change, creating temporary changes in prices.
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Complete question:
Food and energy prices often complicate the measurement of inflation because supply and demand for these products ______.
A. Often change, creating temporary changes in prices.
B. Are stable in the short run and unstable in the long run.
C. Typically lags behind other goods and services.
D. Are constant, so equilibrium prices rarely change.
Answer:
often change, creating temporary changes in prices
Adjustment for unearned revenue on august 1, 20y1, newhouse co. received $39,670 for the rent of land for 12 months. journalize the adjusting entry required for unearned rent on december 31, 20y1. round your final answer to the nearest dollar amount. if an amount box does not require an entry, leave it blank
Cash A/c (debit) 39670
To unearned rent A/c (credit) 39670
What is unearned revenue?
Unearned revenue is money that a person or company receives in exchange for a good or service that hasn't yet been provided or performed. It might be considered a "prepayment" for goods or services that a person or company anticipates offering the customer later.
How do you record unearned revenue?
Unearned income should be recorded in your diary as a debit from the cash account and a credit to the unearned income account. This journal entry demonstrates that the company has received payment in cash for a service, but it was obtained on credit as a down payment for upcoming deliveries of goods or delivered services.
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Certain business processes are copyrightable.
a) true
b) false
Ncic operates under shared management between the _____ and the _____ in each state.
NCIC operates under a shared management concept between the FBI and federal, state, local, and tribal criminal justice users under provisions of the Federal Advisory Committee Act of 1972.
The NCIC is a computerized database of documented criminal justice information available to law enforcement agencies nationwide. NCIC also prompts disclosure of information in the system from other criminal justice agencies about crimes and criminals.
This information assists authorized agencies in criminal justice and related law enforcement objectives, such as apprehending fugitives, locating missing persons, locating and returning stolen property, as well as in the protection of the law enforcement officers encountering the individuals described in the system.
Data contained in NCIC is provided by the FBI, federal, state, local and foreign criminal justice agencies, and authorized courts. Users access the NCIC computer located at FBI headquarters through regional or State computer systems or with direct tie-ins to the NCIC computer. The data is stored in 12 files: article, boat, Canadian warrant, gun, interstate identification index, license plate, missing person, securities, U.S. Secret Service Protective, unidentified person, vehicle, and wanted person.
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