kim's retail had 800 units of inventory on hand at the end of the year. these were recorded at a cost of $15 each using the lastminusin, firstminusout (lifo) method. the current replacement cost is $11 per unit. the selling price charged by kim's retail for each finished product is $18. in order to record the adjusting entry needed under the rule, the merchandise inventory will be
a. credited by $11,200
b. debited by $11.200
c. debited by $1,600
d. credited by $1.600

while setting up his new office, an attorney ordered thick, frieze carpets for the floor. however, the building inspector had him remove the expensive carpeting. the building inspector stated that according to federal regulations, the office must be wheelchair accessible as it is a public area. he further explained that since wheelchairs do not maneuver well in thick, frieze carpeting, the carpets had to be removed and be replaced with smooth-textured carpets that do not restrict wheelchair maneuverability. this scenario illustrates how a company is influenced by the component of its specific environment.

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na

Experienced problem solvers always consider both the value and units of their answer to a problem. why?