Answer:
reported as a current asset on the balance sheet.
Explanation:
According to US GAAP, inventory must be reported at lower of cost or market value. ⇒ Therefore, "generally valued at the price for which the goods can be sold." is wrong.
Inventory is included under current assets since it is considered relatively liquid. ⇒ Therefore, "reported under the classification of Property, Plant, and Equipment on the balance sheet." is wrong.
Inventory is not an expense, cost of goods sold is an expense account. ⇒ Therefore, "reported as a miscellaneous expense on the income statement." is wrong.
Answer:
A
Explanation:
The rate and efficiency variances
Answer:
$3,584
Explanation:
For the year 2020 if the married filed jointly so the amount should not exceed than $21,710 and eligible for the one child
So the maximum credit amount earned for the one children is $3,584
Also, the income for investment should be $3,650 or less for the particular year
So in the given options, this above amount is not given so the same is to be considered for the year 2020
And we assume that the question ask for the year 2020 only
