Suppose that the U. S. government decides to charge cola consumers a tax. Before the tax, 35 million cases of cola were sold every month at a price of $7 per case. After the tax, 28 million cases of cola are sold every month; consumers pay $8 per case (including the tax), and producers receive $5 per case. The amount of the tax on a case of cola is per case. Of this amount, the burden that falls on consumers is per case, and the burden that falls on producers is per case. The effect of the tax on the quantity sold would have been larger if the tax had been levied on consumers. a. True b. False

Example1 lcnrv: ted company uses the lower of cost or nrv method in valuing its inventory items. the inventory at december 31, 2017, consists of products a, b and c, each having 1,000 units. relevant unit data for these products appear below: item a item b item c cost $ 80 $80 $80 estimated selling price 180 100 90 estimated selling cost 30 30 30 required: using the lower of cost or net realizable value rule, determine the proper value of inventory for balance sheet reporting purposes at december 31, 2017. prepare any necessary journal entry. apply the lower of cost or nrv method: • on an individual inventory basis; • on a group basis; • on a total inventory basis. solution worksheet: inventory (on an individual basis): inventory value item nrv cost lc- item a item b item c total inventory (on a group basis): inventory value item nrv cost lc- group 1 (item a and b) group 2 (item c) total inventory (on an aggregate inventory basis): inventory value item nrv cost lc- total inv

One important outcome of edwin james' expedition reports is thata illustrations of bison encouraged americans to hunt them to near extinctionb accounts of rich, fertile soil encouraged americans to settle the landcdescriptions of inhospitable land discouraged colonization for many yearsd. depictions of hostile native tribes discouraged colonization for many years

In order to take advantage of the high quality talent pool, ernst & young sets up operations in the philippines and moves part of its tax services to its new facility. identify this strategy.