d.). Our History. Retrieved from: http://www.jnj.com/connect/about- jnj/company-history/ Mcintosh‚ K. A. (n.d.). ehow What is an Operating Budget?. Retrieved from: http://www.ehow.com/info_7947151_operating-budget.html Peavler‚ R. (n.d.). LIFO and FIFO Inventory Accounting Methods Overview of Two Methods of Accounting for and Tracking Inventory. Retrieved from: http://bizfinance.about.com/od/inventory/a/Inventory_Accounting_LIFO_FIFO.htm
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nations. This lesson will explore the reasons for trade and explain absolute and comparative advantage. TEKS: E.3 Economics. The student understands the reasons for international trade and its importance to the United States and the global economy. The student is expected to: E.3.A Explain the concepts of absolute and comparative advantages. E.3.B Apply the concept of comparative advantage to explain why and how countries trade. Social Studies Skills TEKS: E.23 Social studies
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all rights reserved PRINCIPLES OF In this chapter‚ look for the answers to these questions: Why do people – and nations – choose to be economically interdependent? How can trade make everyone better off? What is absolute advantage? What is comparative advantage? How are these concepts similar? How are they different? 1 Interdependence Every day hair gel from you rely on Cleveland‚ OH many people cell phone from around from Taiwan the world‚ most of whom dress shirt you’ve never met
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country exports more than it imports‚ it lends to foreigners or buys some of their assets. –When a country imports more than it exports‚ it borrows from foreigners or sells them some of its assets. The Gains from International Trade –Comparative advantage is the fundamental force that generates trade between nations. –The basis for comparative trade is divergent
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Chiorean FROM: Section AE2 DATE: June 30‚ 2012 SUBJECT: Samuel’s Electronics Analysis INTRODUCTION In this memorandum‚ I’ll discuss strengths and weaknesses of using FIFO versus LIFO as the cost flow assumption in the accountant’s process of inventory valuation for financial statement reporting to a company’s external stakeholders. FIFO AND LIFO ANALYSIS As shown in the exhibit‚ because the price of LG TV was decreasing‚ Samuel’s Electronics would record less cost of good sold and consequently have
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1. Distinguish between an absolute advantage and a comparative advantage. Cite an example of a country that has an absolute advantage and one with a comparative advantage. Absolute advantage is when a monopoly exists in a country when it is the only source and product of an item. Meanwhile‚ a comparative advantage is when a country can supply products more efficiently and at a lower cost than it can produce other items. South Africa has an absolute advantage because of its diamonds. The United States
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affected: Retained Earnings: Overstated as net income is overstated. Ending Inventory: Over Stated Write the letter of the method that is most applicable to each statement. a. Specific identification b. Average cost c. First-in‚ first-out (FIFO) d. Last-in‚ first-out (LIFO) ____A___ 1. Is the most realistic ending inventory ____D___ 2. Results in cost of goods sold being closest to current product costs ____C___ 3. Results in highest income during periods of inflation ____C___ 4. Results
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comply with customer needs in their country. The United States company does not have an absolute advantage in pants or jackets that are ordered in bulk‚ which is my company’s biggest need. The Honduran company has an absolute advantage in jackets and pants because it doesn’t take them long to produce both items in bulk and in an expedited time frame. The United States company would have a comparative advantage in pants if they stopped producing jackets and just made pants because they would produce more
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of goods sold……………………………….. 90‚000 Gross profit………………………………………… $60‚000 (15-20 min.) S 6-3 a b c Average Cost FIFO LIFO Cost of goods sold: Average (26 × $154.71) $4‚022.46 FIFO $1‚260 + (17 × $160) $3‚980 LIFO $4‚000 + (1 × $140) $4‚140 Ending inventory: Average (8 × $154.71) $ 1‚237.68 FIFO (8 × $160) $1‚280 LIFO (8 × $140) $1‚120 Computations: Units sold = 26 (9 + 25 − 8) Units in ending inventory =
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Lecture 11: The Consequences of the Industrial Revolution in Great Britain (The Standard of Living Debate) and the Free Trade Era in Europe. I. The Consequences of the Industrial Revolution: The Standard of Living Debate. What happened to living standards during the Industrial Revolution? From today’s perspective‚ over 200 years later‚ most people would say that industrialization has raised living standards dramatically from those that prevailed in the 1700s. In fact‚ there is general agreement
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