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Luden [163]
3 years ago
7

Because of a decline in market price in the second quarter, Petal Co. incurred an inventory loss, but the market price was expec

ted to return to previous levels by the end of the year. At the end of the year, the decline had not reversed. Petal accounts for its inventory using the LIFO method. When should the loss be reported in Petal’s interim income statements?
Business
1 answer:
Sonja [21]3 years ago
5 0

Answer:

In the fourth quarter only.

When the loss is probable and estimable, the expected loss must be recorded in full. This loss becomes such at the end of the fourth quarter. Therefore, the inventory must be valued on the year-end at the lower of cost or market, recognizing the loss at that time.

Explanation:

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2 years ago
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Explain how consumer and producer surplus affect economic well-being. When the price of a good or service is – enough, it will e
horrorfan [7]

Answer:

the general welfare will be the sum of consumer surplus and producer surplus.

Explanation:

The consumer and producer surplus assessment serves to measure the overall efficiency of the market, which in turn is associated with overall well-being. An efficient market is one in which both consumers and producers have the incentive to negotiate and effect trade.

Consumer surplus is the difference between the amount he or she is willing to pay and how much he or she actually pays for the product. This surplus is positive when the amount paid is less than the amount for which the consumer would be willing to pay.

Similarly, the producer's surplus is the difference between the market price and the price at which the seller is willing to produce and sell. When the producer's surplus is positive, it means that he sells the product for a price higher than the minimum value that would stimulate him to produce.

Thus, the general welfare will be the sum of consumer surplus and producer surplus.

4 0
3 years ago
Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply sc
belka [17]

Answer:

a) see attached graph. There is nothing unusual with the supply curve, it is simply fixed. This happens to most services, e.g. there is a fixed number of hotel rooms available for rent, in the short run you cannot add more rooms per night if the demand increases. In order to increase the quantity supplied, you would need to build a larger hotel, or in this case, a larger stadium.

b) the equilibrium price is $8 and the equilibrium quantity is 8,000 tickets

c) if the college plans to increase enrollment, the demand might increase, leading to a higher equilibrium price, but the supply will remain the same until the stadium is expanded.

Explanation:

Price              Quantity Demanded (Qd)          Quantity Supplied (Qs)

$4                            10,000                                        8,000

$8                             8,000                                        8,000

$12                            6,000                                        8,000

$16                            4,000                                        8,000

$20                           2,000                                        8,000

3 0
3 years ago
How are passwords stored on your personal computer?
enyata [817]
Passwords are stored on the computer with a encrypted format.

Encryption is the translation of data into a secret code. Encryption is the most effective was to achieve data security, which this protects and stores your passwords.

Hope this helps! :D
5 0
4 years ago
Type the correct answer in the box. Spell all words correctly. What are the handheld devices that serve as personal information
asambeis [7]

Answer: Personal Digital Assistants

Explanation:

Personal Digital Assistants are a range of small handheld mobile devices that used to be very popular with working class people as they provide computing and storage uses which are very important in the business world for purposes such as keeping schedules and address books. They were like mini-computers that had small keyboards and sometimes a sensitive pad that could be written on.

Usually termed the 'first Smartphones', PDAs were immensely popular in the 90s and the early 2000s but have since been largely replaced by Smartphones which can perform all their duties and more.

4 0
3 years ago
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