Suppose That Badger's 2017 Ending Inventory,valued at Year-End Costs,was $143,000

question 37

Multiple Choice

Suppose that Badger's 2017 ending inventory,valued at year-end costs,was $143,000 and that the relative cost index for this inventory in 2017 was 1.10.In determining the inventory balance should Badger report in its 12/31/17 balance sheet:

• A)An additional layer of $23,000 is added to the 1/1/17 balance.
• B)An additional layer of $22,000 is added to the 1/1/17 balance.
• C)An additional layer of $11,000 is added to the 1/1/17 balance.
• D)None of the above is correct.

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Definitions:

Ultra Vires

Actions or activities conducted by a corporation or its officers that lie beyond the powers granted by its charter or the laws.

Ultra Vires Contract

A contract that exceeds the powers granted to a corporation by its charter or bylaws.

Fourteenth Amendment

An amendment to the US Constitution that grants citizenship and equal civil and legal rights to all persons, including previously enslaved individuals.

Equal Protection Clause

A provision in the Fourteenth Amendment of the U.S. Constitution requiring states to treat all individuals within its jurisdiction equally under the law.