Denice invented a small, portable purse hook that allows a purse to be hung from a table and not touch the floor. She knows that there is a market for her purse hook and takes a loan out on her home to finance a small start-up company in Rock Creek, WI. As an entrepreneur, Deniece's primary motivation for opening the business is ________.
A. the potential of improving personal skills
B. the potential of making a profit if the business succeeds
C. the potential to improve the community if the business succeeds
Answer: B. the potential of making a profit if the business succeeds
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Indicate whether the statement is true or false
Jacana Company uses the LIFO inventory method. During the second quarter, Jacana experienced a 100-unit liquidation in its LIFO inventory at a LIFO cost of $430 per unit
Jacana considered the liquidation temporary and expects to replace the units in the third quarter at an estimated replacement cost of $460 a unit. The cost of goods sold computation in the interim report for the second quarter will A) include the 100 liquidated units at the $460 estimated replacement unit cost. B) include the 100 liquidated units at the $430 LIFO unit cost. C) be understated by $3,000. D) be overstated by $3,000.