_____ involves allocating the overall cost estimate to individual work items to establish a baseline for measuring performance

When an advertiser hires an advertising agency, the advertiser becomes the agency's ________

A) supplier B) client C) channel D) vendor E) vehicle

A foreign subsidiary operates in a highly inflationary economy. The company's December 31, 2017, trial balance includes the following: Equipment: Acquired on June 1, 2016 800,000 FC Acquired on October 1, 2017 600,000 FC Inventory: Valued at lower cost or market Market Value 182,000 FC A cost of 184,000 FC represents 84,000 FC acquired on December 1, 2017, and 100,000 FC acquired on October 1,

2017 . Gain on sale of land: This represents a gain from selling land that was acquired on June 1, 2016, at a cost of 50,000 FC, on October 1, 2017 100,000 FC Relevant exchange rates are as follows: Date Rate June 1, 2016 $0.69 July 1, 2016 $0.68 October 1, 2017 $0.71 December 1, 2017 $0.72 December 31, 2017 $0.74 2017 average $0.70 Required: a. Discuss the criteria that must be satisfied in order to qualify as a highly inflationary economy. b. Discuss how the re-measurere-measurement of statements of companies operating in such economies affects net income. c. Calculate the dollar value of the trial balance accounts as of December 31, 2017 .