Johnston Controls Began Operation in 2017 Using FIFO Inventory Methods

question 53

Multiple Choice

Johnston Controls began operation in 2017 using FIFO inventory methods. In 2018, management decided they should have chosen LIFO to more accurately portray financial position and performance. The beginning 2018 inventory using FIFO was $200,000. Under the LIFO method the beginning inventory would have been $240,000. The adjustment to inventory for the accounting principle change for 2017 would be ________.

• A) $0
• B) $20,000 debit
• C) $40,000 credit
• D) $40,000 debit

Apply knowledge of measurement conversions to calculate accurate drug dosages.

Recognize and use common abbreviations and equivalents in pharmaceutical dosages.

Calculate the volume of medication required based on concentration.

Apply mathematical skills to convert bodily measurements between metric and standard units.

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Definitions:

Hard Candies

Small, flavored sugar candies that are solid at room temperature, often sucked rather than chewed.

Marginal Utility

The additional satisfaction or utility that a person receives from consuming an additional unit of a good or service.

Utility-Maximizing Amounts

Quantities of goods and services consumers choose in order to reach the highest level of satisfaction.

Price of C

The price of "C" refers to the cost or price level of a specific good, service, or commodity denoted as "C."