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Use the Following Information for Questions

question 70

Multiple Choice

Use the following information for questions
Altadore Ltd.acquired 30% of Dorset Corp.'s common shares on January 1, 2011 for $240,000.During 2011, Dorset earned $100,000 and paid dividends of $60,000.Altadore's 30% interest in Dorset gives Altadore the ability to exercise significant influence over Dorset 's operating and financial policies.During 2012, Dorset earned $120,000 and paid dividends of $40,000 on April 1 and $40,000 on October 1.On July 1, 2012, Altadore sold half of its shares in Dorset for
$158,000 cash.
-What should be the gain on sale of this investment in Altadore's 2012 income statement?

Calculate gross profit using different inventory costing methods.

Understand the application of perpetual and periodic inventory systems.

Calculate inventory turnover and interpret its significance.

Derive cost of goods sold using various inventory methods.

Definitions:

Recommended Weight

A health guideline suggesting an optimal weight range based on various factors including height, age, and gender.

Turner Syndrome

Sex chromosome abnormality in which a female is born with only one X chromosome; girls with Turner syndrome show abnormal growth patterns, abnormalities in primary and secondary sex characteristics, and other disorders.

Klinefelter Syndrome

A genetic condition in males resulting from an extra X chromosome, often characterized by physical, developmental, and fertility issues.

Triple X Syndrome

A genetic condition found in females, characterized by the presence of an extra X chromosome, leading to a 47,XXX karyotype.