Which inventory method generally results in the most realistic ending inventory figure?
a. FIFO
b. Whichever method produces the highest ending inventory figure
c. LIFO
d. Average-cost
A
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If the haricut charged by the Fed is very large
A. banks will be discouraged from borrowing. B. transaction accounts held by banks increase. C. the Fed loses a lot of money if banks default on their loans. D. the Fed's discount rate rises.
If Canada was to levy a quota on chocolate imported from Denmark
a. Canada would decrease its exports of chocolate. b. the price of chocolate in Denmark would increase. c. employment of workers in Denmark's chocolate industry would increase. d. consumer surplus would decline in Canada.
In a civil trial, settlements may be negotiated:
a. only after the judge orders negotiation between parties. b. after a decision has been reached. c. only before a trial begins. d. at any time during the litigation.
Under the periodic inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5; on June 15, 17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt at a cost of $1.00 per yard on
June 19; on June 27, 6 more yards had been sold. What is the value of inventory as of June 30 under the FIFO method? a. $57.50 b. $30.00 c. $60.00 d. $31.25