Wolfgang kitchens has always used the fifo inventory costing method for both financial reporting and tax purposes. at the beginning of 2018, wolfgang decided to change to the lifo method. net income in 2018 was correctly stated as $90 million. if the company had used lifo in 2017, its cost of goods sold would have been higher by $7 million that year. company accountants are able to determine that the cumulative net income for all years prior to 2017 would have been lower by $23 million if lifo had been used all along, but have insufficient information to determine specific effects of using lifo in 2016. last year, wolfgang reported the following net income amounts in its comparative income statements:
col1 ($ in millions) 2017 2016 2015
col2 net income $ 94 $ 92 $ 90

required: 1. prepare the journal entry at the beginning of 2018 to record the change in accounting principle. (ignore income taxes.)
2. what amounts will wolfgang report for net income in its 2018–2016 comparative income statements?

The new york stock exchange is an example of what type of stock market?

Suppose there is a 6 percent increase in the price of good x and a resulting 6 percent decrease in the quantity of x demanded. price elasticity of demand for x is a. 0 b. 6 c. 1 d. 36

Rate of return, standard deviation, coefficient of variation personal finance problem mike is searching for a stock to include in his current stock portfolio. he is interested in hi-tech inc.; he has been impressed with the company's computer products and believes hi-tech is an innovative market player. however, mike realizes that any time you consider a technology stock, risk is a major concern. the rule he follows is to include only securities with a coefficient of variation of returns below 1.07. mike has obtained the following price information for the period 2015 through 2018:hi-tech stock, being growth-oriented, did not pay any dividends during these 4 years. a. calculate the rate of return for each year, 2015 through 2018, for hi-tech stock. b. assume that each year's return is equally probable and calculate the average return over this time period. c. calculate the standard deviation of returns over the past 4 years. (hint: treat this data as a sample.) d. based on b and c determine the coefficient of variation of returns for the security. e. given the calculation in d what should be mike's decision regarding the inclusion of hi-tech stock in his portfolio?