Exposition,Inc

question 36

Multiple Choice

Exposition,Inc.had 200 units of inventory on hand at the end of the year.These were recorded at a cost of $14 each using the last-in,first-out (LIFO) method.The current replacement cost is $10 per unit.The selling price charged by Exposition,Inc.for each finished product is $16.As a result of recording the adjusting entry as per the lower-of-cost-or-market rule,the gross profit will ________.

• A)increase by $2,000
• B)decrease by $2,000
• C)increase by $800
• D)decrease by $800

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Definitions:

Double V Campaign

A World War II-era movement by African Americans advocating for victory over fascism abroad and racial discrimination at home in the United States.

Discrimination

The unjust or prejudicial treatment of different categories of people, especially based on race, age, sex, or disability.

Executive Order 8802

Executive Order 8802 was issued by President Franklin D. Roosevelt in 1941 to prohibit racial discrimination in the national defense industry.

Employment Discrimination

Unfair treatment of employees or job applicants based on race, gender, age, religion, national origin, disability, or other protected characteristics rather than job performance or qualifications.