Romanoff Industries Had the Following Inventory Transactions Occur During 2015

question 37

Multiple Choice

Romanoff Industries had the following inventory transactions occur during 2015: The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using LIFO? (rounded to whole dollars)

• A)$2,323
• B)$2,486
• C)$3,318
• D)$3,552

Recognize the rationale behind business managers' preference for team formation.

Analyze the trade-offs associated with diversity within groups.

Describe the impact of transactive memory on group behavior and performance.

Evaluate the benefits and disadvantages of brainstorming in group settings.

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Definitions:

Amblyopia

Poor vision in one eye without a detectable cause.

Presbyopia

A common eye disorder that results in the loss of lens elasticity. Presbyopia develops with age and causes a person to have difficulty seeing objects close up.

Iritis

An inflammation of the iris, the colored part of the eye, which can cause pain, redness, and potentially, loss of vision if not treated.

Astigmatism

A condition in which the cornea has an abnormal shape, which causes blurred images during near or distant vision.