The management of Sheffield Corp. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records show these data. Inventory, January 1 (9,340 units) $ 34,558 Cost of 119,140 units purchased 488,390 Selling price of 95,990 units sold 684,900 Operating expenses 113,080 Units purchased consisted of 35,340 units at $3.90 on May 10; 60,520 units at $4.10 on August 15; and 23,280 units at $4.40 on November 20. Income taxes are 26%. (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to 0 decimal places, e. g. 5,125.)

Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.