The Following Table Is from the Social Security Actuarial Tables

question 57

Short Answer

The following table is from the Social Security Actuarial Tables. For each age, it gives the probability of death within one year, the number living out of an original 100,000, and the additional life expectancy for a person of that age.
Exact Male Female P(Death Additional P(Death Additional Age.
$\begin{array}{c}\quad\quad\quad\quad\quad\quad\text { Male } \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text { Female }\\\begin{array}{|c|c|c|c|c|c|c|}\hline{\text {Exact Age }} & \begin{array}{c}\text { P(Death } \\\text { within one } \\\text { year) }\end{array} & \begin{array}{c}\text { Number of } \\\text { Living }\end{array} & \begin{array}{c}\text { Additional } \\\text { Life } \\\text { Expectancy }\end{array} & \begin{array}{c}\text { P(Death } \\\text { within one } \\\text { year) }\end{array} & \begin{array}{c}\text { Number of } \\\text { Living }\end{array} & \begin{array}{c}\text { Additional } \\\text { Life } \\\text { Expectancy }\end{array} \\\hline 10 & 0.000111 & 99,021 & 65.13 & 0.000105 & 99,217 & 70.22 \\\hline 20 & 0.001287 & 98,451 & 55.46 & 0.000469 & 98,950 & 60.40 \\\hline 30 & 0.001375 & 97,113 & 46.16 & 0.000627 & 98,431 & 50.69 \\\hline 40 & 0.002542 & 95,427 & 36.88 & 0.001498 & 97,513 & 41.11 \\\hline 50 & 0.005696 & 91,853 & 28.09 & 0.003240 & 95,378 & 31.91 \\\hline 60 & 0.012263 & 84,692 & 20.00 & 0.007740 & 90,847 & 23.21 \\\hline 70 & 0.028904 & 70,214 & 12.98 & 0.018938 & 80,583 & 15.45 \\\hline 80 & 0.071687 & 44,272 & 7.43 & 0.049527 & 59,341 & 9.00 \\\hline 90 & 0.188644 & 12,868 & 3.68 & 0.146696 & 24,331 & 4.45 \\\hline\end{array}\end{array}$ To what age may a male of age 70 expect to live on the average?

Recognize the treatment and reporting requirements for inventory write-downs and recoveries.

Understand the concept and implications of consigned goods.

Know the disclosure requirements for changes in inventory cost formulas.

Comprehend the valuation of inventory at net realizable value and its impact on financial statements.

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Definitions:

Social Conventions

Shared norms and rules that dictate acceptable behavior within a society or community, guiding social interactions and expectations.

Display Rules

A social or cultural group’s informal conventions regarding whether, how, and under what circumstances emotions should be expressed.

Personal Sphere

The aspect of an individual's life that involves personal beliefs, values, and desires, distinguishing one's private self from the social or public self.

Moral Imperatives

Consist of principles or commands that are seen as universally binding and crucial for ethical behavior, often differentiated from moral suggestions by their obligatory nature.