What is a LIFO liquidation, and what is its effect on income before income taxes?
Under LIFO, ending inventory is assumed to consist of the oldest items. When prices are rising and ending inventory falls below the beginning inventory quantity, the current selling price is matched with the old costs, producing an unusually high increase to income before income taxes.
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Global marketing authority, Theodore Levitt, has noted that many ethnic and regional foods–sushi, for example–are enjoying popularity in many countries of the world. This observation is known as the:
A) pluralization of consumption. B) ethnicitization of consumption. C) democratization of consumption. D) sophistication of consumption. E) domestication of consumption.
Which of the following scenarios is least conducive to fraud?
a. Outstanding bills at home b. Mandatory vacation time c. Economic downturns d. Moral decay in upper management
Leona enters into a contract with Munchie Bakery to cater a sales conference. When the conference is postponed indefinitely, Leona asks a court to cancel the contract and return the parties to the positions that they held before its formation. This request involves
a. specific performance. b. an injunction. c. rescission. d. an action that the court cannot order.
Muller Inc. is a supplier for a large auto manufacturer. For the auto manufacturer, Muller is part of its _______.
a. purchasing network b. supply base c. sourcing net d. procurement chain