The perpetual inventory system keeps a running record of inventory and cost of goods sold
Indicate whether the statement is true or false
TRUE
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Laura Ashley, The Body Shop, Victoria's Secret, Starbucks, the Disney Store and Gap are examples of global retail operators that can be classified as specialty retailers since they offer less variety than department stores
Indicate whether the statement is true or false
Accountants should be aware that LIFO liquidations can potentially result in which of the following?
a. If older less costly layers are liquidated, a correspondingly lower cost of goods sold will result. b. If older less costly layers are liquidated, a correspondingly higher gross profit will result. c. If older less costly layers are liquidated, the company may be faced with higher taxes for those deferred in previous periods. d. All of these could result.
The Everest Company has income from operations of $80,000, invested assets of $500,000, and sales of $1,030,000. What is the profit margin?
A) 48.5% B) 7.8% C) 16.0% D) 4.3%
Which element below is not one of the three stages of the organizational socialization model discussed in the textbook?
a. Anticipatory socialization b. Encounter phase c. Change and Acquisition phase d. Context phase