Baker Corporation Changed from the LIFO Method to the FIFO

question 3

Multiple Choice

Baker Corporation changed from the LIFO method to the FIFO method for inventory valuation during 2021. Baker has an effective income tax rate of 35% and 100,000 shares of common stock issued and outstanding. The following additional information is available: Assuming Baker makes the change in the first quarter of 2021 and that $400,000 net income is earned during the second quarter, how much is reported as net income for the second quarter of 2021?

• A) $400,000.
• B) $405,200.
• C) $427,950.
• D) $894,850.
• E) $905,200.

Identify and explain the three main types of memory according to the modal model of memory.

Understand the notions of primacy and recency effects and their evidence for separate memory stores.

Acknowledge the role of attention in memory storage and retrieval processes.

Understand the concepts and functionality of short-term memory.