Lifo liquidationduring july, laesch company, which uses a perpetual inventory system, sold 1,240 units from its lifo-based inventory. which had originally cost 518 per unit. the replacement cost is expected to be $27 per unit. respond to the following two independent scenarios as requested. a. case 1: in july, the company is planning to reduce its inventory and expects to replace only 900 of these units bydecember 31, the end of its fiscal year.(1) prepare the entry in july to record the sale of the 1,240 units.(2] discuss the proper financial statement presentation of the valuation account related to the 1,240 units sold.(3) prepare the entry for the replacement of the 900 units in september at an actual cost of $31 per unit. b. case2~ in july, the company is planning to reduce its inventory and expects to replace only300 of its units by december 31, the end of its fiscal year.(1) prepare the entry in july to record the sale of the 1,240 units.(2] in december, the company decided not to replace any of the 1,240 units. prepare the entry required on december 31 toeliminate any valuation accounts related to the inventory that will not be replaced.

Mr. smith recently faced a choice between being (a) an economics profes-sor, which pays $60,000/yr, or (b) a safari leader, which pays $50,000/yr. after careful deliberation, smith took the safari job, but it was a close call. "for a dollar more," he said, "i'd have gone the other way."now smith's brother-in-law approaches him with a business proposition. the terms are as follows: - smith must resign his safari job to work full-time in his brother-in-law's business.- smith must give his brother-in-law an interest-free loan of $100,000, which will be repaid in full if and when smith leaves the business. (smith currently has much more than $100,000 in the the business will pay smith a salary of $70,000/yr. he will receive no other payment from the business.the interest rate is 10 percent per year. apart from salary considerations, smith feels that working in the business would be just as enjoyable as being an economics professor. for simplicity, assume there is no uncertainty regarding either smith's salary in the proposed business or the security of his monetary investment in it. should smith join his brother-in-law and, if so, how small would smith's salary from the business have to be to make it not worthwhile for him to join? if not, how large would smith's salary from the business have to be to make it worthwhile for him to join?

Costs of production that do not change when output changes.question 17 options: total revenuefixed incometotal costfixed cost

Factors like the unemployment rate,the stock market,global trade,economic policy,and the economic situation of other countries have no influence on the financial status of individuals. true or false