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Assume the following inventory footnote was obtained from the Snapper Corporation  10-K ($ millions).   Inventories Most inventories owned by Snapper and its United States equipment subsidiaries are valued at cost, on the “last-in, first-out” (LIFO) basis. Remaining inventories  are generally valued at the lower of cost, on the “first-in, first-out” (FIFO) basis, or market. The value of gross inventories on the LIFO basis represented 61 percent of worldwide gross inventories at FIFO value on October 31, 2016 and 2015, respectively. If all inventories had been valued on a FIFO basis, estimated inventories by major classification at October 31 in millions of dollars would have been as follows:     2016 2015 Raw materials and supplies $  716 $  589 Work-in-process 425 408 Finished machine and parts 2,126 2,004 Total FIFO value 3,267 3,001 Less adjustment to LIFO value 632 502 Inventories $2,635 $2,499   We notice that not all of Snapper’s  inventories are reported using the same inventory costing method (companies can use different inventory costing methods for different inventory pools).   What effect has the use of LIFO inventory costing had on Snapper’s  tax liability for 2016 only (assume a 35% income tax rate)? 

Researchers suspect that the average number of units earned per semester by college students is rising. A researcher at Calendula College wishes to estimate the number of units earned by students during the spring semester at Calendula. To do so, he randomly selects 100 student transcripts and records the number of units each student earned in the spring term. He found that the average number of semester units completed was 12.96 units per student. Identify the population of interest to the researcher.

Bargain Buckets offers an unconditional return policy within 60 days. It normally expects 8% of sales at retail selling prices to be returned before the return period expires. Assume Bargain Buckets records total sales of $12.0 million for the current period with associated Cost of Goods sold of $6,000,000. What amount of net sales should it record for this period?

An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 5 years, the mean daily revenue was $675 with a population standard deviation of $75. A sample of 30 days reveals a daily mean revenue of $625. If you were to test the null hypothesis that the daily mean revenue was $675, which test would you use?

List the three most common causes of high anion gap metabolic acidosis.

Hypoalbuminemia will cause the anion gap to:

As of December 31, 2018, Shrute Farms has outstanding 5,000 shares of $100 par value, 5% preferred stock,  25,000 shares of $1 par value common stock and $635,000 of retained earnings.  At year- end 2019, the company declares and paid the regular $5 per share cash dividend on preferred stock and  a $2.25 per share cash dividend on common stock.  Assuming the company made $75,000 for the 2019 fiscal year, what is the retained earnings balance after the dividend is paid?  

What should you do if there are columns you need, but do not want to display in Excel?

Which of the following is a common example of a LAN?

What type of chart is good for identifying trends and outliers in Excel?