What are the four economic resources?

King Supply maintains its internal inventory records using perpetual FIFO, but for financial reporting purposes, reports ending inventory and cost of goods sold using periodic LIFO. At the beginning of the year, the company had a balance of $60,000 in its LIFO reserve account. By the end of the year, internal records reveal that FIFO ending inventory is$75,000 greater than LIFO ending inventory. Record the year-end adjusting entry for the LIFO reserve.

For each of the following situations involving marginal cost (MC) and marginal benefit (MB), indicate whether it would be best to produce more, fewer, or the current number of units.

a. 3,000 units at which MC = $10 and MB =$13. b. 11 units at which MC = $4 and MB =$3. c. 43,277 units at which MC = $99 and MB =$99. d. 82 units at which MC, MB. e. 5 units at which MB, MC.

As a student at school, which (if any) of the four economic resources are you? Defend your answer.

Identify the accounting concept that was violated in each of the following situations.

1. Pastel Paint Company purchased land two years ago at a price of $250,000. Because the value of the land has appreciated to$400,000, the company has valued the land at $400,000 in its most recent balance sheet.

2. Atwell Corporation has not prepared financial statements for external users for over three years.

3. The Klingon Company sells farm machinery. Revenue from a large order of machinery from a new buyer was recorded the day the order was received.

4. Don Smith is the sole owner of a company called Hardware City. The company recently paid a$150 utility bill for Smith’s personal residence and recorded a $150 expense.

5. Golden Book Company purchased a large printing machine for$1,000,000 (a material amount) and recorded the purchase as an expense.

6. Ace Appliance Company is involved in a major lawsuit involving injuries sustained by some of its employees in the manufacturing plant. The company is being sued for $2,000,000, a material amount, and is not insured. The suit was not disclosed in the most recent financial statements because no settlement had been reached.

Indicate whether each of the following statements applies to microeconomics or macroeconomics:

The consumer price index rose by $1.6 \%$ in $2010$.

Find all points at which there is a horizontal tangent and determine the concavity of the curve at each point. $r=\sin 3 \theta$

The cost of renting a moving van for a 26 mile trip is $62.50. The cost of renting the same van for a 38 mile trip is$65.50. The cost changes at a constant rate with respect to the length (in miles) of the trip. Find the total cost of renting the van for a 54 mile trip.

Fill the blank with the term that correctly complete the sentence. ______ shows the intellectual level at which a child is functioning.

Factor each polynomial. $48 y^{2} z^{3}-28 y^{3} z^{4}$

In how many ways can one select 3 different letters from the word HISTORY and 2 different letters from the word ENGLISH?

Give an example of a limit of a rational function for which l'Hopital's rule cannot be applied.

Represent each sum or difference on a horizontal or vertical number line diagram. Then find each sum or difference. -1 5/8 - (-4 3/8)

Set up the definite integral that gives the area of the origin. y_1 = x² + 2x + 1, y_2 = 2x + 5