he following are partial income statement account balances taken from the December 31, 2021, year-end trial balance of White and Sons, Inc.: restructuring costs, $370,000; interest revenue, $47,000; before-tax loss on discontinued operations, $470,000; and loss on sale of investments, $57,000. Income tax expense has not yet been recorded. The income tax rate is 25%.Prepare the lower portion of the 2021 income statement beginning with $835,000 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year. (Amounts to be deducted should be indicated with a minus sign. Round "EPS" answers to 2 decimal places.)

To prepare the bank reconciliation for Moncada & Anderson Paper Products as of 3/31/2019, we need to compare the company's records with those of the bank. This process helps to identify any discrepancies or errors in either set of records.

We start by recording all transactions that have cleared the bank, including deposits, checks, and fees. We then compare these transactions with the company's records, making adjustments for any outstanding checks or deposits in transit. Finally, we compare the adjusted bank balance with the company's ending cash balance to ensure they match.

In this case, we know that Moncada & Anderson Paper Products paid $12,540.00 for the current month's rent, so we need to ensure this transaction is included in the bank reconciliation.

We may also need to account for any other outstanding transactions, such as deposits or checks that have not yet cleared. By reconciling the bank statement, we can ensure the accuracy of the company's financial records and identify any discrepancies or errors that need to be addressed.

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False. While the quality of work is important, customers do care about how one looks and presents themselves while performing the job.

A professional appearance can instill confidence and trust in the customer, while an unkempt or unprofessional appearance can create a negative impression and lead to a lack of trust. This is especially true in industries where trust is essential, such as healthcare or financial services. Additionally, a clean and professional appearance can also be seen as a sign of respect for the customer and their property. It is important for individuals to take pride in their appearance and dress appropriately for their job, as it can impact not only the customer's perception but also the success of the business overall.

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A local video rental store looking to increase customer traffic in the summer would be an example of a B) Product positioning.

The local video rental store is looking to increase customer traffic in the summer, which suggests that they are trying to position their products (video rentals) in a way that appeals to their target market during the summer months.

Product positioning is the process of creating a distinct image and identity for a product or service in the mind of the target customer, relative to competing products or services.

By promoting their video rentals as a fun indoor activity to beat the summer heat, the store is attempting to position their products in a way that resonates with their target market and encourages them to choose their store over competitors.

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1. Fast Delivery Time: Measure - Average delivery time from order to delivery should be less than 30 minutes.

2. Accurate Delivery Address: Measure - Confirm delivery address with customer before leaving the store and verify address using GPS tracking.

3. Hot and Fresh Pizza: Measure - Use thermal bags to keep pizzas hot and fresh during transportation and ensure delivery is made within the shortest possible time frame.

4. Complete Order: Measure - Use checklists to ensure that all ordered items are included in the delivery package and include condiments, utensils, napkins, and menus.

5. Customer Satisfaction: Measure - Conduct post-delivery surveys to gauge customer satisfaction and identify areas for improvement.

6. Safe Delivery: Measure - Train drivers on safe driving practices and ensure that delivery vehicles are regularly maintained and inspected for safety.

7. Accurate Billing: Measure - Use a computerized point of sale (POS) system to ensure that orders are accurately processed and customers are billed correctly.

8. Order Tracking: Measure - Use online tracking systems to allow customers to track the status of their orders in real-time.

9. Courteous Service: Measure - Provide training to delivery personnel to ensure that they are polite, courteous and professional while interacting with customers.

10. Efficient Routing: Measure - Use GPS tracking systems and mapping software to determine the most efficient routes for delivery personnel, thereby reducing delivery time and costs.

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If the court agrees to modify the contract to reflect $250, this is called reformation.

Reformation is a legal remedy that allows a court to modify a contract to reflect the true intentions of the parties involved.

In this case, the mistake in the contract was a typographical error, and the parties intended for the amount to be $250 an hour.

By granting reformation, the court can correct the error and enforce the contract as intended. This remedy is available when there is clear and convincing evidence that the written contract does not reflect the actual agreement between the parties.

It is important to note that reformation is not available in every case and the court will consider various factors before granting this remedy.

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The amount of discount amortization at each semi-annual interest date is $450.

To calculate the amount of discount amortization at each semi-annual interest date, we will follow these steps:

Step 1: Determine the total discount on the bond issue.
The bonds were issued at 97, which means they were sold at 97% of their face value.

So, the total proceeds from the bond issue are:
300 bonds * $1,000 * 97% = $291,000

The total face value of the bonds is:
300 bonds * $1,000 = $300,000

The total discount on the bond issue is the difference between the face value and the proceeds:
$300,000 - $291,000 = $9,000

Step 2: Determine the number of semi-annual interest periods.
The bonds have a ten-year term, and interest is paid semi-annually, which means there will be 2 interest payments per year for 10 years:
2 payments * 10 years = 20 interest periods

Step 3: Calculate the discount amortization at each semi-annual interest date using straight-line amortization.
Divide the total discount by the number of interest periods to determine the discount amortization at each semi-annual interest date:
$9,000 / 20 periods = $450

So, the amount of discount amortization at each semi-annual interest date is $450 (option c).

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Without additional information, it is not possible to determine the cross price elasticity of demand for coffee and cream for Marcella. Therefore, without more information, we cannot determine the cross price elasticity of demand for coffee and cream for Marcella.

The cross price elasticity of demand measures the responsiveness of the demand for one good (e.g., cream) to a change in the price of another good (e.g., coffee). It is calculated as the percentage change in the quantity demanded of cream divided by the percentage change in the price of coffee. However, the information given in the question only states that Marcella always has cream in her coffee. It does not provide any information on how her consumption of cream or coffee changes in response to changes in the price of either good.

To calculate the cross price elasticity of demand for Marcella, we would need data on her consumption patterns and the prices of coffee and cream. Then we could calculate the percentage change in the quantity demanded of cream and the percentage change in the price of coffee, and use these values to calculate the cross price elasticity of demand.

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The correct answer is c. Inflation is the term used to describe a situation in which the overall level of prices in the economy is increasing.

This means that the purchasing power of money is decreasing, as it can buy fewer goods and services than before. Inflation is usually measured by an inflation rate, which is the percentage increase in the general price level over a certain period of time. incomes in the economy are increasing . stock market prices are rising.  the overall level of prices in the economy is increasing. the economy is growing rapidly,

Factors that can contribute to inflation include increases in the money supply, increases in demand for goods and services, and decreases in the supply of goods and services.

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It is no longer enough to provide customers with high-quality products; they also expect outstanding customer service. To meet these expectations, businesses should take the following steps:

1. Develop a customer-centric culture: Make customer satisfaction a priority and ensure that all employees understand the importance of providing excellent service.

2. Train employees: Provide comprehensive training on customer service skills, including communication, problem-solving, and empathy.

3. Implement efficient processes: Streamline processes to make it easy for customers to access information, make purchases, and receive support.

4. Use technology: Utilize technology to enhance the customer experience, such as through personalized marketing, efficient customer support systems, and online self-service options.

5. Listen and respond to feedback: Regularly collect customer feedback and act on it to improve your products, services, and overall customer experience.

6. Go the extra mile: Delight customers by exceeding their expectations and providing personalized service.

By focusing on outstanding customer service in addition to high-quality products, businesses can build strong customer relationships, improve customer retention, and increase their competitive advantage.

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The correct answer is b. Subtracting the CPI of year 4 from the CPI of year 5, and then dividing by the CPI of year 4.

The Bureau of Labor Statistics (BLS) calculates the rate of inflation by measuring the percentage change in the Consumer Price Index (CPI) between two consecutive years. In this case, to calculate the rate of inflation in year 5, the BLS would use the following formula:
Rate of Inflation = ((CPI of Year 5 - CPI of Year 4) / CPI of Year 4) x 100
This method allows the BLS to accurately determine the change in the average prices of goods and services consumed by households over time, which is an important indicator of the overall economic health of a country. The rate of inflation is used by policymakers, businesses, and consumers to make informed decisions about spending, saving, and investment.

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The correct answer is a. The Dow Jones Industrial Average (DJIA), commonly referred to as "the Dow," is an index that tracks the stock prices of 30 large, publicly-owned companies based in the United States.

These companies are typically leaders in their respective industries and are considered to be representative of the overall stock market. the dow jones industrial average is now based on the prices of the stocks of question 43 options. The Dow is one of the most widely recognized stock market indices and is often used as a barometer of the overall health of the U.S. economy.

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Answer: TRUE

Hi! The statement "Private inurement means, amongst other things, that the board of directors needs to watch out for conflicts of interest amongst the board members so that they do not vote on matters concerning themselves" is True. Private inurement refers to the prohibition of nonprofit organizations from using their income or assets to unduly benefit individuals who have control or influence over the organization, such as board members. The board of directors must be vigilant in identifying and addressing conflicts of interest to ensure they are acting in the organization's best interests and complying with private inurement regulations.

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The amount of earnings per share for the year is $2.92.

First, we need to calculate the amount of dividends payable on the preferred stock for the current year. Since the preferred stock is noncumulative, any dividends not declared in a given year are lost and do not accumulate.

Dividends payable on preferred stock = (Number of preferred shares) x (Par value per share) x (Dividend rate)

Dividends payable on preferred stock = 20,000 x $50 x 0.07

Dividends payable on preferred stock = $70,000

Since the preferred stock dividend has not been declared, we subtract the amount of dividends payable on preferred stock from net income to get the earnings available for common stockholders.

Earnings available for common stockholders = Net income - Dividends payable on preferred stock

Earnings available for common stockholders = $800,000 - $70,000

Earnings available for common stockholders = $730,000

Next, we need to calculate the weighted average number of common shares outstanding during the year. We do this by multiplying the number of shares outstanding during each period by the portion of the year that those shares were outstanding, then summing those products.

Weighted average number of common shares outstanding = (Number of shares outstanding during period 1 x Portion of year in period 1) + (Number of shares outstanding during period 2 x Portion of year in period 2) + ...

Weighted average number of common shares outstanding = (250,000 x 1) + (250,000 x 0)

Weighted average number of common shares outstanding = 250,000

Finally, we can calculate the earnings per share (EPS) by dividing the earnings available for common stockholders by the weighted average number of common shares outstanding.

EPS = Earnings available for common stockholders / Weighted average number of common shares outstanding

EPS = $730,000 / 250,000

EPS = $2.92

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The under or over absorption of overheads of the PatMat Company LTD for the latest period is 13750.

OAR is = (budgeted overhead)/ (budgeted level of activity)

OAR = 165OOO/60000=2.75

Overhead absorbed = 55000 * 2.75 = 151250

Actual overhead =  165000

Under-absorbed overhead = 13750

We refer to under- or over-recovery of overhead costs when the actual amount of overhead costs is found to be different from the expected amount. Any overhead expenses that were not fully covered were charged as incurred instead. This is known as an underabsorption overhead situation.

Overabsorbing overhead occurs when more cost is applied to cost items than was actually incurred because actual overhead costs were lower than anticipated. This results/outcomes in a decrease in the current period's expense recognition, which raises earnings.

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The fair market price for the firm's stock is 34.38000.

The fair market value of the property is the price at which it would change hands between a willing and informed buyer and seller.

The term is used throughout the Internal Revenue Code, as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.

To calculate the fair market price for the firm's stock, given that the industry's PE ratio is 18 and the firm's earnings per share (EPS) is 1.91, proceed as follows:

Identify the given values.
PE ratio = 18
EPS = 1.91

Apply the formula to find the fair market price.
Fair market price = PE ratio × EPS

Plug in the given values into the formula.
Fair market price = 18 × 1.91

Calculate the fair market price.
Fair market price = 34.38

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A sales invoice is a document that lists the details of a transaction between a seller and a buyer. (option c) It typically includes information such as the items sold, the quantities, prices, payment terms, and shipping information.

The purpose of the sales invoice is to provide a record of the sale and to request payment from the customer .The  sales invoices are important for businesses to keep track of their sales and revenue.

They are also necessary for customers to have a record of their purchases and to reconcile their accounts. Sales  invoices can also serve as legal documents in case of disputes or audits .In conclusion, the purpose of a sales invoice is primarily to bill the customer for goods or services purchased.

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Absorption costing is a method of accounting that assigns all manufacturing costs, both fixed and variable, to the products being produced means the cost of goods sold includes both direct materials, direct labor, and manufacturing overhead.

The absorption costing income statement differs from the variable costing income statement, which only includes variable manufacturing costs in the cost of goods sold.

To prepare an absorption costing income statement for Maryville Equipment Company, we need to calculate the fixed manufacturing overhead costs that were not included in the variable costing income statement. This information is found in the trial balance or other financial records.

Assuming the fixed manufacturing overhead costs for the month of October were $450,000, the absorption costing income statement would look like this:

Maryville Equipment Company Absorption Costing Income Statement

For the Month Ended October 31

Sales (220,000 units) $6,360,000

Cost of goods sold:

Variable cost of goods manufactured $1,080,000

Fixed manufacturing overhead ($450,000/220,000 units) $2.05 per unit x 220,000 units) $451,000

Total cost of goods sold $1,531,000

Gross profit $4,829,000

Selling and administrative expenses

Variable selling and administrative expenses $330,000

Fixed selling and administrative expenses $300,000

Total selling and administrative expenses $630,000

Operating income $4,199,000

The absorption costing income statement shows a higher cost of goods sold and lower operating income compared to the variable costing income statement. This is because fixed manufacturing overhead costs are included in the cost of goods sold, reducing the gross profit.

However, absorption costing is considered a more accurate method of accounting for manufacturing costs since it includes all costs associated with producing a product.

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In a simplified economy with no government and no interactions with other countries, the identity that is true is Total Income = Total Spending.

This is because in such an economy, there are only two actors - households and firms. Households earn income by selling their labor or capital to firms, while firms earn income by selling goods and services to households. The total income in the economy is therefore equal to the total amount of goods and services produced and sold by firms.

Total spending in the economy is the sum of consumer spending and investment spending. Consumer spending is the amount spent by households on goods and services, while investment spending is the amount spent by firms on capital goods such as machinery, equipment, and buildings.

Since there are no other interactions in this simplified economy, total spending is equal to the total amount of goods and services produced and sold by firms. Therefore, Total Income = Total Spending hold true in this simplified economy.

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The maximum ratio the lender would like to see on a PITI to Monthly Gross Income is typically around 28%.

What is Monthly Gross Income?

Monthly Gross Income is the total amount of income earned by an individual or household before any deductions or taxes are taken out. It is an important factor in determining an individual's or household's financial position and eligibility for various financial services, such as loans and credit cards.

In general, the maximum ratio the lender would like to see on a PITI to Monthly Gross Income is 28%. This means that the lender typically prefers that your total housing expenses, including principal, interest, taxes, and insurance, should not exceed 28% of your monthly gross income. This helps ensure that you can afford the monthly mortgage payments and reduces the risk of default.

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Carlos has come up with a new idea to revamp the mail processing at his large company. His boss shows support for Carlos's idea by telling him to go for it and report back on the barriers and efficiencies associated with the proposed changes.

Encouragement and empowerment: By endorsing Carlos's idea, his boss provides him with the necessary encouragement and empowerment to pursue his proposal. This support boosts Carlos's confidence, motivates him to explore the idea further, and take ownership of the project.

Opportunity for innovation: The endorsement creates an environment that fosters innovation within the company. Carlos is given the green light to introduce changes and improvements to the mail processing system, indicating that the organization values new ideas and is open to considering alternative approaches.

Resources and support: With the endorsement, Carlos can expect to receive the necessary resources and support to execute his plan effectively. This can include financial resources, access to technology or equipment, and collaboration from other departments or team members.

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TRUE. A credit sale refers to the sale of goods or services in which payment is deferred until a later date. When a firm makes a credit sale of $125,000, it is recorded as an account receivable in the firm's financial statements.  

If the money is received within the same fiscal year, it will be included in the firm's cash flow from operations, which is the cash generated from the primary activities of the business, such as sales and services.

However, if the money is not received within the same fiscal year, it will not be included in the cash flow from operations, but rather in the investing activities section of the cash flow statement, which shows the cash inflows and outflows related to investments in long-term assets.

In summary, whether a credit sale of $125,000 is included in a firm's cash flow from operations depends on when the money is received. If it is received within the same fiscal year, it will be included in the cash flow from operations; otherwise, it will be included in the investing activities section of the cash flow statement.

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When expanding into a chosen country, it's crucial to consider various factors to ensure success. From the list provided, I would emphasize the importance of culture and competition as two significant factors to consider.

Firstly, understanding and adapting to the local culture is vital for any business expanding into a new country. Culture influences consumer preferences, behaviors, and expectations, which can directly impact a company's marketing strategies, products, or services.

Failure to acknowledge and respect cultural differences may lead to misunderstandings, negative brand perception, and even loss of potential customers. By conducting thorough research on cultural norms and practices, companies can tailor their offerings and communication strategies to better resonate with the local audience, ultimately leading to increased acceptance and success in the new market.

Secondly, analyzing the competition is essential when entering a new market. A comprehensive competitive analysis will help the company identify its key competitors, their strengths and weaknesses, and potential gaps in the market. This information can be invaluable for developing a unique value proposition and positioning the company's products or services in a way that distinguishes it from the competition.

Understanding the competitive landscape also allows businesses to make informed decisions regarding pricing, marketing, and distribution strategies, ensuring that they are well-equipped to face the challenges of a new market and gain a competitive advantage.

In conclusion, focusing on culture and competition is crucial when expanding into a new country, as they directly impact a company's ability to connect with its target audience and navigate the competitive landscape effectively.

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The depreciable cost is $138,000; the straight-line rate is $13,800 per year; and, the annual straight-line depreciation is $13,800.

(a) The depreciable cost is calculated by subtracting the estimated residual value from the original cost of the building:

Depreciable cost = Cost of building - Estimated residual value
Depreciable cost = $143,500 - $5,500
Depreciable cost = $138,000

(b) The straight-line rate is calculated by dividing the depreciable cost by the estimated useful life of the building:

Straight-line rate = Depreciable cost / Estimated useful life
Straight-line rate = $138,000 / 10
Straight-line rate = $13,800 per year

(c) The annual straight-line depreciation is calculated by multiplying the straight-line rate by the number of years of depreciation:

Annual straight-line depreciation = Straight-line rate x Number of years of depreciation
Annual straight-line depreciation = $13,800 x 1
Annual straight-line depreciation = $13,800

Therefore, the annual straight-line depreciation for this building is $13,800.

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The fixed costs are not given in the question, we cannot calculate the break-even point in sales dollars. We need to know the amount of fixed costs to use this formula.

To compute the break-even point in sales dollars using the contribution margin ratio, we need to first calculate the contribution margin per unit. The contribution margin is the difference between the selling price per unit and the variable cost per unit.

Assuming that the variable cost per unit is $20, the contribution margin per unit can be calculated as follows:

Contribution Margin per Unit = Selling Price per Unit - Variable Cost per Unit
= $30 - $20
= $10

Next, we need to calculate the contribution margin ratio. The contribution margin ratio is the contribution margin per unit divided by the selling price per unit.

Contribution Margin Ratio = Contribution Margin per Unit / Selling Price per Unit
= $10 / $30
= 1/3

Now, we can use the contribution margin ratio to calculate the break-even point in sales dollars. The break-even point is the level of sales at which the company's total revenues equal its total costs.

Break-Even Point in Sales Dollars = Fixed Costs / Contribution Margin Ratio

Since the fixed costs are not given in the question, we cannot calculate the break-even point in sales dollars. We need to know the amount of fixed costs to use this formula.

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To compute the break-even point in sales dollars using the contribution margin (CM) ratio, we need to first calculate the CM per unit. The CM is the difference between the selling price and the variable cost per unit.

Assuming Ivanhoe Company has a variable cost of $15 per radio, the CM per unit is:

CM per unit = Selling price - Variable cost per unit
CM per unit = $30 - $15
CM per unit = $15

Next, we need to calculate the CM ratio. The CM ratio is the CM per unit divided by the selling price.

CM ratio = CM per unit / Selling price
CM ratio = $15 / $30
CM ratio = 0.5 or 50%

Now, we can calculate the break-even point in sales dollars using the formula:

Break-even point in sales dollars = Fixed costs / CM ratio

Assuming the fixed costs are $50,000, the break-even point in sales dollars is:

Break-even point in sales dollars = $50,000 / 0.5
The break-even point in sales dollars = $100,000

Therefore, Ivanhoe Company needs to generate $100,000 in sales revenue to break even and cover all its fixed costs.

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Recognizing gross income in accordance with the economic benefit principle ensures that income is recognized at the appropriate time and that financial statements reflect the economic reality of the transactions.

It is important for entities to have sound accounting policies and procedures in place to ensure that revenue recognition is consistent and in compliance with accounting standards.

Economic benefit refers to the benefits that an individual or entity derives from the consumption of goods and services. When it comes to recognizing gross income, the economic benefit principle plays a crucial role in determining the appropriate timing of income recognition. According to this principle, income should be recognized when the economic benefits associated with the transaction are realized or are expected to be realized by the entity.

The timing of income recognition is determined by various factors, including the nature of the transaction, the terms of the contract, and the accounting policies of the entity. In general, income is recognized when goods or services are provided to customers, regardless of when the cash is received. This is based on the concept of accrual accounting, which recognizes revenue when it is earned, rather than when cash is received.

However, there are situations where the recognition of gross income is deferred until the economic benefits are realized or are expected to be realized. For example, in the case of long-term contracts, revenue may be recognized over the life of the contract as the economic benefits are realized. Similarly, revenue from sales of goods may be deferred until the risks and rewards of ownership are transferred to the buyer.

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The underlying principles of ethical leadership include options B, C, and D: loyalty, integrity and honesty, and responsibility and accountability. Ethical leadership is centered on guiding and influencing others in a positive, moral way that respects the dignity and rights of everyone involved.

Loyalty (option B) is an essential principle of ethical leadership, as leaders must demonstrate their commitment to the organization's mission and values while maintaining the trust of their followers. A loyal leader supports their team and fosters an environment that encourages loyalty among team members. Integrity and honesty (option C) are critical components of ethical leadership. Leaders with integrity act consistently in line with their values, regardless of the circumstances. They are honest in their communications and transparent about their intentions, which helps establish trust and credibility with their followers. Responsibility and accountability (option D) are also vital principles of ethical leadership. Leaders are responsible for their actions and decisions, as well as the consequences that arise from them. Accountability involves owning mistakes, learning from them, and taking steps to correct any negative impacts. This also involves holding oneself and team members accountable for adhering to ethical standards. In contrast, closed-mindedness and selfishness (option A) are not aligned with ethical leadership. These qualities hinder a leader's ability to listen, adapt, and work collaboratively, ultimately diminishing trust and compromising the well-being of the team and organization.

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ABC would report $250,000 of taxable income (dividend) and $150,000 of capital gain on their tax return. ABC would report $200,000 of taxable income (dividend) and no capital gain or loss on their tax return.

The tax consequences of the distribution would depend on the type of distribution and the amount of the distribution in relation to the shareholder's basis in the stock of the corporation.

If the distribution is a dividend, it would be considered a taxable dividend to the extent of the corporation's current and accumulated earnings and profits (E&P). In this case, XYZ has $50,000 of current E&P and $200,000 of accumulated E&P, for a total of $250,000. Since the distribution of $300,000 exceeds the corporation's E&P, the entire distribution would be treated as a dividend.

The tax consequences to ABC would be as follows:

Taxable dividend: $250,000

Return of capital: $50,000 ($300,000 distribution - $250,000 taxable dividend)

ABC's basis in XYZ stock: $100,000

Since the taxable dividend of $250,000 exceeds ABC's basis in the stock of $100,000, ABC would recognize a capital gain of $150,000 ($250,000 - $100,000).

Therefore, ABC would report $250,000 of taxable income (dividend) and $150,000 of capital gain on their tax return.

If XYZ had distributed land with a fair market value of $300,000 and an adjusted basis of $200,000 instead of cash, the tax consequences would be different. In this case, ABC's basis in the stock would be allocated between the stock and the land, and the distribution would be treated as a distribution of property.

The tax consequences to ABC would be as follows:

Basis of XYZ stock: $100,000

Basis of land: $200,000

Total basis: $300,000

Since the fair market value of the land distributed is equal to ABC's basis in the stock and the land, no gain or loss would be recognized on the distribution of the land.

Therefore, ABC would report $200,000 of taxable income (dividend) and no capital gain or loss on their tax return.

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The days in inventory ratio measures the number of days it takes for a company to sell its inventory. It is calculated by dividing the average inventory turnover by 365. In this case, we have the beginning and ending inventory values, Days in Inventory are 29.7 days

To calculate the days in inventory ratio, we first need to calculate the inventory turnover. Inventory turnover is calculated by dividing the cost of goods sold by the average inventory, which is the sum of the beginning and ending inventory divided by two.

Using the information given, we can calculate the inventory turnover as follows:  Inventory turnover = Cost of goods sold / ((Beginning inventory + Ending inventory) / 2) = $984,000 / (($90,000 + $70,000) / 2) = 13 . Next, we can calculate the days in inventory by dividing 365 by the inventory turnover:  Days in inventory = 365 / Inventory turnover = 365 / 13 = 29.7 days

Therefore, the answer is not one of the options given , which is the number of days it takes for Pete Company to sell its inventory. This means that Pete Company is able to sell its inventory and replace it with new inventory within a month on average, which is a good sign of efficient inventory management. The correct answer is 29.7 days

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False. It is not possible to determine whether skimming pricing is a viable option without more information. Skimming pricing refers to a pricing strategy where a company sets a high initial price for a new product.

Whether skimming pricing is a viable option depends on various factors, including the nature of the product, the target market, and the competitive landscape. While Stevens may have no competition at the moment, this could change in the future, so it's important to consider the potential for competition.

In addition, skimming pricing may not be appropriate for all products or markets. If the product is highly price-sensitive, for example, setting a high initial price may turn off potential customers and lead to lower sales. On the other hand, if the product is highly innovative or offers unique benefits, customers may be willing to pay a premium price.

Overall, the decision to use skimming pricing should be based on a careful analysis of the product, the market, and the competitive landscape.

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