Answer the following statements true (T) or false (F)
1. Annie's Antique Shoppe would most likely use the LIFO method of accounting for inventory.
2. Grocery stores are required to use the FIFO method because they sell the oldest stock first to avoid spoilage.
3. Under LIFO, the Ending Inventory represents the latest costs incurred to purchase inventory
4. Under FIFO, the Cost of Goods Sold represents the earliest costs incurred to purchase inventory.
5. S&C Feed-n-More ordered 3 cases of cat food on February 5, 4 cases on February 15, then sold 2 cases on February 18. These transactions created 2 inventory layers.
1. FALSE
2. FALSE
3. FALSE
4. TRUE
5. TRUE
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To creative a sustainable competitive advantage, an international company should try to develop competencies that are valuable, rare, difficult to imitate, and readily substitutable.
Answer the following statement true (T) or false (F)
What are the characteristics of a traditional work environment?
What will be an ideal response?
Which of the following is an important benefit of experimentation?
a. It makes you get out from behind the desk. b. Assumptions are validated or proven false. c. It generates new ideas. d. It generates new business plans.
Miller Company reported gross sales of $780,000, sales returns and allowances of $6700 and sales discounts of $6700. The company has average total assets of $430,000, of which $215,000 is property, plant, and equipment. What is the company's asset turnover ratio?
A. 1.81 times B. 0.56 times C. 1.85 times D. 1.78 times