Wakefield Company Uses a Perpetual Inventory System

question 27

Multiple Choice

Wakefield Company uses a perpetual inventory system.In August,it sold 2,000 units from its LIFO-base inventory,which had originally cost $35 per unit.The replacement cost is expected to be $45 per unit.The company is planning to reduce its inventory and expects to replace only 1,500 of these units by December 31,the end of its fiscal year.The company replaced 1,500 units in November at an actual cost of $50 per unit.
-Based on the preceding information,in the entry in August to record the sale of the 2,000 units:

• A)Cost of Goods Sold will be debited for $70,000.
• B)Inventory will be credited for $85,000.
• C)Excess of Replacement Cost over LIFO Cost of Inventory Liquidation will be credited for $15,000.
• D)Excess of Replacement Cost over LIFO Cost of Inventory Liquidation will be credited for $67,000.

Distinguish levels of conceptualization in leadership research (dyadic, group, organizational).

Understand the fundamental concepts and theories of ethics relevant to public relations.

Differentiate among various ethical theories including utilitarianism, absolutism, and agent-based ethics.

Recognize the role and significance of ethical decision-making in the practice of PR.

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Definitions:

Facial Feedback

The theory that facial movements can influence emotional experiences, such as smiling leading to feelings of happiness.

Botox Injections

Medical treatments involving the injection of botulinum toxin to reduce facial wrinkles or treat certain muscle disorders.

Others' Emotions

The feelings or emotional states experienced by individuals other than oneself, often discernible through observation or communication.

Facial Feedback Hypothesis

The idea that facial movements can influence emotional experiences, suggesting that smiling can make you feel happier.