Duck Company Has Valued Its Inventories at FIFO Cost for the Past

question 45

Multiple Choice

Duck Company has valued its inventories at FIFO cost for the past 10 years.The
Company would like to change to the LIFO method,effective in 2017.

• A)The election to change can be made with the 2017 tax return and the beginning inventory for 2017 will be the same as the FIFO inventory at the end of 2016 and no § 481 adjustment is required.
• B)The beginning inventory value for 2017 must be computed as though the company had been using LIFO in all prior years and a § 481 adjustment is required.
• C)The taxpayer must apply in 2016 for permission to change methods effective in 2017.
• D)Duck must amend all prior years' tax returns to compute income by the LIFO method.
• E)None of the above.

Grasp the concept of multicultural organizations and strategies for cultivating diversity and inclusion.

Appreciate the role of symbols, rituals, and sagas in communicating and reinforcing organizational culture.

Acknowledge the complexity and diversity of organizational cultures and the challenges in managing cultural change.

Understand the principles and requirements for forming a valid contract, including offer, acceptance, and consideration.

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Definitions:

Spermatophore

A capsule or mass created by males of various species containing sperm cells that is transferred to the female's reproductive tract.

Anisogamy

Refers to sexual reproduction involving the fusion of two dissimilar gametes; individuals producing the larger gamete (eggs) are defined as female, and individuals producing the smaller gamete (sperm) are defined as male.

Operational Sex Ratio

The ratio of sexually receptive males to females in a population, affecting mating behavior and competition.

Opportunity For Selection

Refers to the variance in fitness within a population. When there is no variance in fitness, there can be no selection; when there is large variance in fitness, there is a great opportunity for selection. In this sense, the opportunity for selection constrains the intensity of selection that is possible.