Sandra,Inc

question 101

Multiple Choice

Sandra,Inc.had 200 units of inventory on hand at the end of the year.These were recorded at a cost of $16 each using the last-in,first-out (LIFO) method.The current replacement cost is $12 per unit.The selling price charged by Sandra,Inc.for each finished product is $20.In order to record the adjusting entry needed under the lower-of-cost-or-market rule,the Cost of Goods Sold will be ________.

• A)debited by $2,400
• B)credited by $2,400
• C)debited by $800
• D)credited by $800

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Definitions:

Independent Variable

An experimental factor that is adjusted by the researcher to examine its impact on a specific outcome or dependent variable.

Instruments

Tools or mechanisms used in research to collect data, such as surveys, tests, or observation checklists.

Pilot Test

An initial small-scale experiment or trial run conducted to evaluate the feasibility, duration, cost, and adverse events involved in a subsequent larger experiment.

Survey Research

A research method involving the collection of data from a predetermined group of respondents to gather information and insights on various subjects.