In 20x2, the robinson company switched its inventory method from fifo to average cost. inventories at the end of 20x1 were reported in the balance sheet at $22 million. if the average cost method had been used, 20x1 ending inventory would have been $20 million. ending inventory in 20x2 is $23 million using average cost, and would have been $26 million if the company had not switched from the fifo method. the journal entry to adjust the accounts to reflect the average cost method would be:

a. debit retained earnings and credit twentory for $2 million
b. debit retained earnings and credit inventory for $3 million
c. debit inventory and credit retained earnings for $1 million
d. debit inventory and credit cost of goods sold for $3 million,

At april 1, 2019, the food and drug administration is in the process of investigating allegations of false marketing claims by hulkly muscle supplements. the fda has not yet proposed a penalty assessment. hulkly’s fiscal year ends on december 31, 2018. the company’s financial statements are issued in april 2019. required: for each of the following scenarios, determine the appropriate way to report the situation. 1. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 2. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is probable. 3. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 4. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is probable.

Aprofessional does specialized work that's primarily: degree based. medical or legal. well paying. intellectual and creative

Gulliver travel agencies thinks interest rates in europe are low. the firm borrows euros at 5 percent for one year. during this time period the dollar falls 11 percent against the euro. what is the effective interest rate on the loan for one year? (consider the 11 percent fall in the value of the dollar as well as the interest payment.)