The inventory valuation method that results in the highest taxable income in a period of inflation is the:
A. Gross profit method.
B. Weighted-average cost method.
C. FIFO method.
D. LIFO method.
E. Specific identification method.
Answer: C
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Tivo Corporation purchases its raw materials on credit terms of 3/15, net 30. Assuming there are 360 days in a year, the annual percentage rate of non-free trade credit if the firm did not take discounts but did pay on the due date is: (Round your answer to two decimal places.)
A. 67.68%. B. 34.25%. C. 58.92%. D. 74.23%. E. 82.55%.
Tos Corporation's flexible budget cost formula for indirect materials, a variable cost, is $0.60 per unit of output. If the company's performance report for last month shows an $800 unfavorable spending variance for indirect materials and if 9,000 units of output were produced last month, then the actual costs incurred for indirect materials for the month must have been:
A. $5,400 B. $5,600 C. $4,600 D. $6,200
Precedent is when:
a. judges use ethical principles to solve current cases b. judges ask the jury to solve current cases by following state codes c. judges use the U.S. Constitution to solve current cases d. judges use decisions from earlier cases for guidance in legal principles to solve cases e. judges confer with higher ranking judges to solve current cases
In some cities, advertisers gain complete domination by buying a total bus, meaning all the inside space on a fleet of buses.
Answer the following statement true (T) or false (F)