The invention of the _________ paved the way for the first integrated circuit

A company purchases a widget for $10 on June 1. They purchase a second widget for $20 on July 15. On August 1, they sell one widget for $50. What is their gross profit if they use FIFO?

A. $40 B. $50 C. $30 D. $35

Which of the following statements regarding ethical behavior is not correct?

a. Accounting is a professional service that plays a major role in society. b. The professional accountant must realize that he or she serves the greater good of society. c. The professional accountant who acts ethically will destroy social welfare and can do great harm to innocent stakeholders misled by unreliable information. d. The professional accountant must realize that he or she owes a responsibility of ethics and fairness to all current and potential stakeholders depending on the information produced.