Fantasy fashions had used the lifo method of costing inventories, but at the beginning of 2018 decided to change to the fifo method. the inventory as reported at the end of 2017 using lifo would have been $24 million higher using fifo. retained earnings reported at the end of 2016 and 2017 was $244 million and $264 million, respectively (reflecting the lifo method). those amounts reflecting the fifo method would have been $254 million and $276 million, respectively. 2017 net income reported at the end of 2017 was $32 million (lifo method) but would have been $34 million using fifo. after changing to fifo, 2018 net income was $40 million. dividends of $9 million were paid each year. the tax rate is 40%. required:
1. prepare the journal entry at the beginning of 2018 to record the change in accounting principle.
2. in the 2018–2017 comparative income statements, what will be the amounts of net income reported for 2017 and 2018?
3. prepare the 2018–2017 retained earnings column of the comparative statements of shareholders’ equity.

As the marginal propensity to consume (mpc) increases, the multiplier remains the same. increases. decreases. as the marginal propensity to save (mps) increases, the multiplier decreases. increases. remains the same. if the marginal propensity to consume is 0.30, what is the multiplier, assuming there are no taxes or imports? round to the tenths place. given the multiplier that you calculated, by how much will gross domestic product (gdp) increase when there is a $1,000 increase in government spending? $

In december of 2004, the company you own entered into a 20-year contract with a grain supplier for daily deliveries of grain to its hot dog bun manufacturing facility. the contract called for "10,000 pounds of grain" to be delivered to the facility at the price of $100,000 per day. until february 2017, the supplier provided processed grain which could easily be used in your manufacturing process. however, no longer wanting to absorb the cost of having the grain processed, the supplier began delivering whole grain. the supplier is arguing that the contract does not specify the type of grain that would be supplied and that it has not breached the contract. your company is arguing that the supplier has an onsite processing plant and processed grain was implicit to the terms of the contract. over the remaining term of the contract, reshipping and having the grain processed would cost your company approximately $10,000,000, opposed to a cost of around $1,000,000 to the supplier. after speaking with in-house counsel, it was estimated that litigation would cost the company several million dollars and last for years. weighing the costs of litigation, along with possible ambiguity in the contract, what are three options you could take to resolve the dispute? which would be the best option for your business and why?

In the united states, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. in the united kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. the united kingdom has a comparative advantage in the production of: