Corrs company began operations in 2016 and determined its ending inventory at cost and at lower-of-lifo cost-or-market at december 31, 2016, and december 31, 2017. this information is presented below:

cost

lower-of-cost-or-market

12/31/16 $356,000 $327,000
12/31/17 420,000 395,000

(a) prepare the journal entries required at december 31, 2016, and december 31, 2017, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used.

(b) prepare journal entries required at december 31, 2016, and december 31, 2017, assuming that the inventory is recorded at market under a perpetual system (loss method is used).

(c) which of the two methods above provides the higher net income in each year? both, cogs method, or loss method?

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a.no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative.b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child.c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative.d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.

The brs corporation makes collections on sales according to the following schedule: 30% in month of sale 66% in month following sale 4% in second month following sale the following sales have been budgeted: sales april $ 130,000 may $ 150,000 june $ 140,000 budgeted cash collections in june would be:

What part of the rational model of decision-making does the former business executive “elliott” have a problem completing?