Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit CostInventory, December 31, prior year 7,900 $ 11 For the current year: Purchase, March 5 19,900 9 Purchase, September 19 10,900 5 Sale ($27 each) 8,900 Sale ($29 each) 16,900 Operating expenses (excluding income tax expense) $409,000 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO.2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. Comparison AmountsCase A Case BFIFO LIFO DifferencePretax IncomeEnding Inventory3. Which inventory costing method may be preferred for income tax purposes?

Which economic indicators are used to measure the global economy? check all that apply. a. purchasing power parity b. trade volumes c. spending power parity d. labor market data e. gross domestic product f. trade deficits and surpluses

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Suppose you win a small lottery and have the choice of two ways to be paid: you can accept the money in a lump sum or in a series of payments over time. if you pick the lump sum, you get $2,950 today. if you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. 1) at an interest rate of 6% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 2) at an interest rate of 9% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 3) years after you win the lottery, a friend in another country calls to ask your advice. by wild coincidence, she has just won another lottery with the same payout schemes. she must make a quick decision about whether to collect her money under the lump sum or the payments over time. what is the best advice to give your friend? a) the lump sum is always better. b) the payments over time are always better. c) it will depend on the interest rate; advise her to get a calculator. d) none of these answers is good advice.