Answer:
Terry's Closing Inventory is $131,360.
Terry's Gross profit is $431,360.
We follow these steps to arrive at the answers:
<u>1. Calculate the base value of closing inventory (CI):</u>
<u>2. Calculate additions to inventory at base price</u>
<u>3. Calculate the value of additions to inventory at current prices</u>
<u>4. Calculate the value of Closing inventory</u>
<u>5. Compute Cost of Goods Sold (COGS):</u>
<u>6. Compute Gross profit</u>
Answer:
true
Explanation:
The whole Volkswagen scandal was a huge and elaborate corporate scam. They first tried to blame engineers in their North American division, but then it was known that they cheated in Germany and other European countries, as well as in factories in Argentina and Brazil. The only place that they were not investigated was in China, and that is very suspicious because half of their cars are produced and sold in China. It was a huge cover up operation that was aimed at protecting top executives in Germany.
The first car I bought with my salary was a Jetta (it was much cheaper than a Civic). So I read a lot about the scandal and its effects were not that large in North and South America, but in Europe the allegedly clean diesel engines drove their competition out of the market. French car manufacturers Citroen and Peugeot competed against Volkswagen with diesel cars and after not being able to compete against the wonderful new engines, they went bankrupt. In Europe gas is very expensive, so cars are very small and fuel efficient. The strange coincidence is that a Chinese company bought Citroen and Peugeot, which made them the real winners of the whole situation.
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