The terms ___________________ ___________ planning, disaster recovery planning, business interruption planning, and business continuity planning have all been used to describe the backup and recovery control plans designed to ensure that an organization can recover from a major calamity.
Fill in the blank(s) with correct word
Question 2
Philipsburg Corporation sells mugs to fine retailers across the world. Data from its periodic inventory system is presented in the table below. Inventory is sold for 170 per unit. Operating expenses, excluding cost of goods sold, totaled 40,000.
Date Number of Units Unit Cost Total Cost
January 1 Beginning inventory 300 100 30,000
January 13 Purchase 400 110 44,000
January 22 Purchase 500 120 60,000
Which cost flow method would result in the HIGHEST taxable income for the period?
A) FIFO
B) LIFO
C) Weighted average method
D) Each of the methods would have equal net income for the period.
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