Orion iron corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. assume its accounting records provided the following information at the end of the annual accounting period, december 31. transactions units unit cost a. inventory, beginning 200 $ 12 for the year: b. purchase, april 11 950 9 c. purchase, june 1 850 13 d. sale, may 1 (sold for $40 per unit) 200 e. sale, july 3 (sold for $40 per unit) 700 f. operating expenses (excluding income tax expense), $18,500

required:

1. calculate the number and cost of goods available for sale.

2. calculate the number of units in ending inventory.

3. compute the cost of ending inventory and cost of goods sold under (a) fifo, (b) lifo, and (c) weighted average cost.

4. prepare an income statement that shows under the fifo method, lifo method and weighted average method.

5. which inventory costing method minimizes income taxes?

Which of the following statements is true regarding the reporting of outside interests and the management of conflicts? investigators are responsible for developing their own management plans for significant financial interests. the institution must report identified financial conflicts of interest to the u.s. office of research integrity. investigators must disclose their significant financial interests related to their institutional responsibilities and not just those related to a particular project. investigators must disclose all of their financial interests regardless of whether they are related to a research project.

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a.no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative.b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child.c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative.d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.

Match each economic concept with the scenarios that illustrates it