One of the disadvantages of the LIFO cost flow assumption is the impact of the liquidation of LIFO layers.
Required:
a. Explain what is meant by invent ory liquidation under the LIFO cost flow assumption.
b. Discuss why this may be a serious problem for LIFO but not for FIFO.

In 1973,____ out of 7 Americans worked in manufacturing,but by 1996,just ____ in 7 did.

People from cultures that stress human equality are most likely to quiz a person from another culture to determine that person's class status.

Under the act of state doctrine, the United States reserves some areas of jurisdiction over the internal actions of sovereign states.

Minimum contact requirements:

A) Are the same in every state.
B) Are used to define what personal service means.
C) Were established in International Shoe Co. v. State of Washington.
D) Prevent a defendant from ever being served while out-of-state.
E) Do not include committing a tort within a state.

Which one of the following best describes fundamental risk?

A) A stock is overpriced, but your fund does not allow you to engage in short sales.
B) Your models indicate a stock is mispriced, but you are not sure if this is a real profit opportunity or a model input error.
C) You buy a stock that you believe is underpriced, and the underpricing persists for a long time, hurting your short-term results.
D) A stock is trading in two different markets at two different prices.