In a period when costs are falling and inventory quantities are stable, the lowest taxable 10)_ income would be reported by using the inventory method of a) moving average c) weighted average. b) fifo. d) lifo. 11)2 11) if a company uses lifo, a lifo liquidation causes a company's income taxes to increase: a) lifo liquidations have no effect on a company's income taxes b) whether inventory purchase costs are declining or rising. c) when inventory purchase costs are rising d) when inventory purchase costs are declining. e ba 12) ramen inc. adopted dollar-value lifo (dvl) as of january 1, 2018, when it had a cost 12) inventory of $600,000. its inventory as of december 31, 2018, was $667,800 at year-end costs and the cost index was 1.06. what was dvl inventory on december 31, 20187 a) $636,000 b) $630,000 c) $631,800 d) none of these answer choices are correct

C) $631,800

Explanation:

Ramen      

                  Inventory       Inventory                            Inventory  

Date     at cost               at Base cost              Layer at base cost  1.1.2016     600000  600000/1 = 600000              600000

31.12.2016   667800  667800/1.06 = 630000      600000  

                                                                                              30000

Inventory layers                              Ending

Converted to acquisition costInventory at DVL cost

600000                                                600000

600000

30000 x 1.06 = 31800                         631800

Therefore, The DVL inventory on December 31, 20187 was $631800.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know