Sandra, Inc. had 200 units of inventory on hand at the end of the year. These were recorded at a cost of $15 each using the last-in, first-out (LIFO) method. The current replacement cost is $11 per unit. The selling price charged by Sandra, Inc
for each finished product is $18. 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 $2,200
B) credited by $2,200
C) debited by $800
D) credited by $800
C .
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According to the text, which of the following statements about the relative amount of time spent in the selling process for different types of salespeople is true?
a. A traditional salesperson would spend a lot of time following up the sale. b. A consultative salesperson would spend a lot of time closing the sale. c. A consultative salesperson would spend a lot of time generating leads. d. A relationship salesperson would spend a lot of time qualifying leads.
If imperfect competition dominates the domestic markets for goods and services, the economy will be
A) more sensitive to inflation. B) more likely to experience a policy assignment problem. C) less sensitive to inflation. D) less likely to experience a policy assignment problem.