Handbags Company had 500 units of inventory on hand at the end of the year. These were recorded at a cost of $18 each using the last-in, first-out (LIFO) method. The current replacement cost is $15 per unit. The selling price charged by Handbags Company for each finished product is $23. In order to record the adjusting entry needed under the lower-of-cost-or-market rule, the Cost of Goods Sold will be ________.
A) debited by $7,500
B) credited by $7,500
C) debited by $1,500
D) credited by $1,500
C) debited by $1,500
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Setting a very challenging goal for yourself, such as "I will double the number of hours I study next semester so that I can increase my GPA by at least half a point," can keep you motivated and focused on achievement. This type of goal, which involves pushing yourself beyond what you mind might think is safe is known as a(n)
A. increased-state mindset. B. push goal. C. stress goal. D. inclining goal. E. stretch goal.
What is the term used for the difference between the Equipment account and the Accumulated Depreciation account?
A) contra asset B) market value C) historical cost D) book value
There is a subtle difference between the ________ and the ________ of a product. One is a fact while the other is a perception.
A. revenue/costs B. sales/marketing C. features/benefits D. None of these.
Which of the following functional dependencies in the table FLIGHT is an augmented functional dependency?
A) FlightID, Date --> NoOfPassengers B) FlightID --> Origin C) FlightID --> Destination D) FlightID, Date --> Origin