On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:Beginning inventory, January 1: $4,000Net sales: $80,000Net purchases: $78,000The company's gross margin ratio is 25%. Using the gross profit method, the estimated ending inventory value would be:
A. $20,000.
B. $22,000.
C. $19,500.
D. $60,000.
E. $82,000.
Answer: B
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_________________________ consists of laws enacted by legislatures, rather than judges.
Fill in the blank(s) with the appropriate word(s).
As it pertains to bad faith bargaining, direct dealing occurs when:
A. An employer goes around the union to discuss issues directly with the employees in a way that undermines the union's ability to bargain. B. A union discusses issues that have been presented at the bargaining table with the employees, without the employer's permission. C. The union and employer negotiate directly with each other over wages, hours, and other conditions of employment. D. An arbitrator delivers a final and binding arbitration decision.
_____ can be used to partition observations in a manner to obtain clusters with the least amount of information loss due to the aggregation
a. Single linkage b. Ward's method c. Average group linkage d. Dendrogram
Foreign companies whose stock is listed on a U.S. stock exchange and using foreign GAAP other than IFRS must file their annual report with the SEC on:
A. Form 16-K. B. Form 10-A. C. Form 20-K. D. Form 8-A. E. Form 20-F.