At December 31, the Selig Company Has Ending Inventory with a Historical

question 52

Multiple Choice

At December 31, the Selig Company has ending inventory with a historical cost of $634,000. Assume the company uses the FIFO perpetual inventory system. The net realizable value is $612,000. The normal profit on this inventory is $50,000. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $900,000. Following U.S. GAAP, which journal entry is required on December 31 to adjust the ending balance of inventory if the direct method is used?

• A) Debit Cost of Goods Sold for $28,000 and credit Inventory for $28,000.
• B) Debit Inventory for $28,000 and credit Cost of Goods Sold for $28,000.
• C) Debit Cost of Goods Sold for $22,000 and credit Inventory for $22,000.
• D) Debit Inventory for $22,000 and credit Cost of Goods Sold for $22,000.

Grasp the impact of political dynamics on cultural and societal shifts, including the emergence of movements and the fall of institutions.

Differentiate between the stability and change within political organizations and the factors contributing to these.

Appreciate the role of sanctions, laws, and informal means of controlling and maintaining social order.

Understand the concept of legitimacy in leadership and governance across different political systems.

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Definitions:

Closure

The act of bringing something to an end or conclusion.

Limit Time

refers to setting a fixed duration for a specific activity or process to be completed.

Intrapsychic Functioning

The internal mental processes and dynamics within an individual, including thoughts, emotions, and motivations.

Coping

The strategies or mechanisms individuals use to manage stress, challenges, or adversity, ranging from problem-solving to seeking social support.