One Hundred Units of Inventory on Hand at the End

question 10

Multiple Choice

One hundred units of inventory on hand at the end of the year are recorded at their cost of $10 each using LIFO. Current net realisable value is $8.00. How would the Gross profit be affected by the adjusting entry needed under lower- of- cost- and- net- realisable- value?

• A)Gross profit would go down by $80.
• B)Gross profit would go up by $200.
• C)Gross profit would not be affected.
• D)Gross profit would go down by $200.

Understand the concepts and controversies surrounding hypersexuality.

Identify the biological, psychological, and social aspects of paraphilias and their treatment.

Understand the significance of gender identity and the criteria for gender dysphoria according to DSM-5.

Recognize the legal and ethical considerations in the assessment, diagnosis, and treatment of sexual disorders and dysfunctions.

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Definitions:

Purchases Journal

A record of transactions specifically used for tracking all purchases of goods and services on credit.

General Journal

A basic accounting ledger that records all transactions of a business in chronological order, providing a detailed account.

Ethical Standards

Principled guidelines that govern the conduct of individuals and organizations, ensuring actions are morally right and fair.

General Journal

The bookkeeping record in which all types of transactions are recorded in chronological order before they are transferred to specific accounts in the ledger.