Larry Was Accepted at Three Different Graduate Schools, and Must

question 89

Multiple Choice

Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending Elite U is:

• A)$70,000
• B)$50,000
• C)$20,000
• D)$15,000

Comprehend the implications of inventory costing methods on financial statements.

Recognize the principles and effects of different inventory costing methods including LIFO, FIFO, and specific identification.

Grasp the concept and application of the lower-of-cost-or-market rule.

Understand the impact of inventory management on gross profit and net income.

---

Definitions:

Producers

Individuals or entities responsible for creating and supplying goods or services.

Employees

Individuals who are hired by a person or business for wages or salary to perform work or services.

Human Resource Planning

The process of ensuring that an organization has the right number and types of employees, at the right time and place, who are capable of effectively and efficiently completing tasks that will help the organization achieve its overall strategic objectives.