Fundy Corp If Fundy Values Their Inventory at the Lower of Cost

question 84

Multiple Choice

Fundy Corp.has the following information about their inventory at year-end: $\begin{array}{lrr}\text { Item}&\text { Cost }&\text { NRV }\\\hline\# 1 & \$ 12,000 & \$ 12,500 \\\# 2 & 21,250 & 19,750 \\\# 3 & 18,600 & 18,500\end{array}$ If Fundy values their inventory at the lower of cost and net realizable value on an individual basis, what would be loss on inventory write down for the current year?

• A)$500
• B)$1,100
• C)$1,600
• D)The loss would not be recorded until the items are sold.

Analyze the relationship between positive life events and feelings of satisfaction/happiness.

Evaluate evidence supporting or refuting various theories of depression.

Understand the different theoretical orientations in psychology and their approaches to depression.

Identify the concept of learned helplessness and its connection to depression.

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Definitions:

Tax

A tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.

Consumer Surplus

The discrepancy between the amount consumers are prepared to spend on a product or service and the actual price they pay.

Consumer Surplus

The gulf between the aggregate amount consumers are willing to allocate for a good or service and what they actually end up paying.

Producer Surplus

The variance between the minimum amount producers are prepared to take for a product and the actual payment they get.