Loire Co., a calendar year firm, has used the FIFO method of inventory measurement since it began operation in Year 3. Loire changed to the weighted-average method for determining inventory costs at the beginning of Year 6. The following schedule shows year-end inventory balances under the FIFO and weighted-average methods:

Year
Ending Inventory
FIFO
Ending Inventory
Weighted-Average
Year 3 $90,000 $108,000
Year 4 156,000 142,000
Year 5 166,000 150,000
In its Year 6 financial statements, Loire included comparative financial statements for both Year 5 and Year 4.

What amount should Loire report as inventory in its financial statements for the year ended December 31, Year 4, presented for comparative purposes?

$90,000
$108,000
$142,000
$156,000

Which financial component is a mandatory deduction from your gross pay? a. sales tax b. social security tax c. health insurance d. disaster relief fund (drf) e. voluntary deduction

If you offer up your car as a demonstration that you will pay off your loan to a bank or another financial lending institution, you are using your car as collateral. true false

Exercise 18-15 sheffield appliance center is an experienced home appliance dealer. sheffield appliance center also offers a number of services for the home appliances that it sells. assume that sheffield appliance center sells ovens on a standalone basis. sheffield appliance center also sells installation services and maintenance services for ovens. however, sheffield appliance center does not offer installation or maintenance services to customers who buy ovens from other vendors. pricing for ovens is as follows. oven only $790 oven with installation service 850 oven with maintenance services 970 oven with installation and maintenance services 990 in each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $180. additionally, the incremental amount charged by sheffield appliance center for installation approximates the amount charged by independent third parties. ovens are sold subject to a general right of return. if a customer purchases an oven with installation and/or maintenance services, in the event sheffield appliance center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $790. assume that a customer purchases an oven with both installation and maintenance services for $990. (b) indicate the amount of revenue that should be allocated to the oven, the installation, and to the maintenance contract.