To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year:

Jan 1 Inventory on hand—24, 000 units; cost $12.60 each.
Feb 12 Purchased 74,000 units for $12.90 each.
Apr.30 Sold 50 ,000 units for $20.40 each.
Jul 22 Purchased 54, 000 units for $13.20 each.
Sep9 Sold 74,000 units for $20.40 each.
Nov 17 Purchased 44, 000 units for $13.60 each.
Dec. 31 Inventory on hand—72, 000 units.

Required:
a. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system.
b. Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system.
c. Determine the amount Treynor would report for its LIFO reserve at the end of the year.
d. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $14,000.

When earning simple interest on money you invest, which statement is true? a. as time goes on and your bank account grows, you earn more interest. b. as time goes on and your bank account grows, you earn less interest. c. as time goes on and your bank account grows, you earn the same amount of interest. d. as time goes on and your bank account grows, you stop earning interest.

Copyright law protects the expression of an idea so blank is protected by copyright

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale