Goddard has used the FIFO method of inventory valuation since it began operations in Year 1. Goddard decided to change to the weighted-average method for determining inventory costs at the beginning of Year 4. The following schedule shows year-end inventory balances under the FIFO and weighted-average methods: Year FIFO Weighted-average Year 1 $45,000 $54,000 Year2 78,000 71,000 Year3 83,000 78,000 What amount, before income taxes, should be reported in the Year 4 retained earnings statement as the cumulative effect of the change in accounting principle?

the answer is: guns or butter

hope i

-lavira : )

-the personal ownership of property

-the influence of consumer demand

explanation:

the command economy prohibits the personal ownership of property.

basically, command economy is defined as the system where a nation’s government is the one that makes all the decisions when it comes to its economy. the government is the one who controls the production of goods and services and regulates the prices and salaries.

therefore, since that the government is the authority, then all kinds of personal ownership of property is prohibited by them.