The Council of the Blind Store Has Ending Inventory with a Historical

question 6

Multiple Choice

The Council of the Blind Store has ending inventory with a historical cost of $630,000.Assume the store uses the perpetual inventory system.The current replacement cost of the inventory is $608,000.The net realizable value is $650,000.Before any adjustments at the end of the period,the cost of goods sold account has a balance of $900,000.What journal entry is required under U.S.GAAP?

• A)debit Cost of Goods Sold for $20,000 and credit Inventory for $20,000
• B)debit Inventory for $20,000 and credit Cost of Goods Sold for $20,000
• C)debit Cost of Goods Sold for $22,000 and credit Inventory for $22,000
• D)debit Inventory for $22,000 and credit Cost of Goods Sold for $22,000

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Social Facts

Aspects of social life that shape our actions as individuals, such as laws, moral codes, and social structures, according to Emile Durkheim.

Suicide Study

A research field that examines the sociological, psychological, and cultural factors contributing to suicide, including the seminal work by Émile Durkheim that identified social integration and regulation as key factors.

Theory

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Moral Justice

The principles or ideals of fairness, equity, and righteousness that guide individuals and societies in determining right from wrong.